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All our downward targets which we predicted in Yesterday's analysis have been hit, GBP/JPY is expected to continue its downside movement. The pair accelerated on the downside and broke below the lower boundary of the Bollinger bands. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index broke below its oversold level of 30.
Hence, below 146.70, expect a new drop to 146.25 and even to 144.80 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 146.70 with the target at 147.55.
Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. 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.
Strategy: SELL, Stop Loss: 146.70, Take Profit: 145.25.
Resistance levels: 147.10, 147.55, and 148
Support levels: 145.25, 144.80, and 144
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