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GBP/JPY is under pressure. The pair retreated from 143.95 and broke below the 20-period and 50-period moving averages. The relative strength index is mixed to bearish. In addition, the key resistance at 143.05 should limit the upside potential.
Hence, as long as this key level is not surpassed, look for another decline to 141.95 and even to 141.45 in extension.
Graph Explanation: Black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. Red lines shows the support levels and green line indicates the resistance levels. These levels can be used to enter and exit trades.
At present, the pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short position is recommended with the first target at 110.20. A break below this target will move the pair further downwards to 109.85. The pivot point stands at 111.05. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 111.35 and the second one at 111.55.
Strategy: SELL at highs, Stop Loss: 111.05, Take Profit: 110.20
Resistance levels: 111.35, 111.55, and 111.75
Support levels: 110.20, 109.85, and 109.50
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