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GBP/JPY is expected to trade with a bullish outlook. The pair accelerated on the upside last nigh, and is now challenging its key resistance at 152.50. A bullish breakout of this threshold seems more likely to occur as the rising 20-period and 50-period moving averages call for a new bounce. The relative strength index is still above its neutrality area at 50.
In this case, even though a consolidation cannot be ruled out at the current stage, its extent should be limited. Above 151.85, look for a new rise to 152.50 and 152.80 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.85 with the target at 151.45
Strategy: BUY, Stop Loss: 151.85, Take Profit: 152.50
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: 152.50, 152.80, and 153.15
Support levels: 151.45, 151.15, and 150.65
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