GBP/JPY is under pressure and expected to remain below the key resistance at 146.15. The pair retreated from 147.20 and broke below its 50-period moving averages. Besides, the 50 period moving average is turning down. The relative strength index is mixed to bearish. Hence, as long as 146.15 holds on the upside, look for another decline with targets at 145 and 144.20 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 146.15, 147.20, and 148.00
Support levels: 145, 144.20, and 143.75
