21.02.201806:51 Forex Analysis & Reviews: Technical analysis of GBP/JPY for February 21, 2018

All our upside targets which we predicted in the yesterday's analysis have been hit. GBP/JPY is expected to continue its upside movement. The pair is trading above the key support at 132.10, which should limit the downside potential. The rising 50-period moving average should push the prices higher. The relative strength index calls for a rebound.

To sum up, as long as 149.90 holds on the downside, look for another decline with targets at 151.25 and 151.70 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 149.90 with the target at 149.45.

Strategy: BUY, Stop loss at 149.90, Take profit at 151.25

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: 151.25, 151.70, and 152.35

Support levels: 149.45, 148.80, and 148.00