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All our targets which we predicted on Friday have been hit. GBP/JPY is still expected to trade in a lower range as key resistance lies at 140.80. The pair is trading below the key resistance at 140.80, which should limit the upside potential. The relative strength index is mixed with a bearish bias.
The British pound tumbled to the low level, when Prime Minister Theresa May announced the June 8 snap election as a result of which the ruling Conservative Party unexpectedly lost its majority in Parliament.
Hence, as long as 140.80 holds on the upside, look for a return to 138.25. A break below this level would trigger a further drop to 137.75 in extension.
Alternatively, if price moves in the opposite direction as predicted, long position is recommended above 140.80 with targets at 141.20 and 141.80.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points 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 : SELL, Stop Loss: 140.80, Take Profit: 138.25
Resistance levels: 141.20, 141.80, and 142.45
Support levels: 138.25,137.75, and 137
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