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All our targets which we predicted in Yesterday's analysis have been hit. GBP/JPY is expected to continue its downside movement. The pair has clearly reversed down and is likely to test its support at 149.25. The risk of a slide below 149.25 remains high, as the 50-period moving average plays a key resistance, and should continue to push the prices lower. Furthermore, the relative strength index lacks upward momentum.
To sum up, as long as 152.20 is not surpassed, look for a new pullback to 149.25 and 148.75 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.20 with the target at 150.70.
Strategy: SELL, Stop Loss: 150.20, Take Profit: 149.25
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 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: 150.70, 151.20 and 152.00
Support levels: 149.25, 148.75, and 148.00
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