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GBP/JPY is expected to trade with a bullish outlook. The pair bounced off its horizontal level at 153.10, which acts as a strong support role, and should limit any downside room. In addition, the relative strength index has broken above its neutrality area at 50 and is mixed to bullish now.
Therefore, as long as 153.10 holds on the downside, likely advance to 154.25 and 154.60 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 153.10 with the target at 152.50
Strategy: BUY, stop loss at 153.10, take profit at 154.25
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 point, 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: 154.25, 154.60, and 155.00.
Support levels: 152.50, 152.00, and 151.45
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