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GBP/JPY is expected to move higher and continue the rebound . The pair bounced off its support at 122.35 last night, and is expected to post a new rebound. As both the 20-period and 50-period moving averages are turning up, they should continue to push the prices higher. In addition, the nearest support at 123.10 should also limit any downward attempts. The relative strength index is bullish and calls for further upside.
Hence, as long as 141.00 is support, we expect for an advance to 142.75 and 143.35 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 141.00 with targets at 142.75 and 141.80.
Chart Explanation: The black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the short position. 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.
Strategy: BUY, Stop Loss: 141.00, Take Profit: 142.75
Resistance levels: 142.75, 143.35, and 144.00
Support levels: 140.35,139.85, and 139
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