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Our first target which we predicted in yesterday's analysis at 147.90 has been hit. GBP/JPY is expected to trade with bullish outlook. The pair validated a bullish reversal, and now stands above its key support at 147.80. The rising 50-period moving average is also playing a support role, and should call for a new bounce. The relative strength index is mixed to bullish.
In these perspectives, as long as 147.80 holds on the downside, look for a further advance to 148.65 and 149.95 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 147.80 with the target at 147.60.
Strategy: BUY, Stop Loss: 147.80, Take Profit: 148.54
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 148.65, 148.95, and 149.35
Support levels: 147.60, 147.30, and 146.90
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