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GBP/JPY is under pressure and expected to extend its downside movement. As long as the polarity level (former support now acting as a resistance) at 151.00 is not surpassed, the risk of the break below 149.70 remains high. Indeed, intraday technical indicators are lacking upward momentum and the declining 50-period moving average maintains a downside pressure.
As a consequence, below 151.00, a downside breakout of 149.70 is expected with next down targets standing at 149.15 and 148.45.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 151.00 with the target at 151.80.
Strategy: BUY, Stop Loss: 151.00, Take Profit: 149.70
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: 151.80, 152.25 and 153.00
Support levels: 149.70, 149.15, and 148.45
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