GBP/JPY is expected to trade with a bearish outlook. The pair accelerated on the downside after the recent bearish breakout of a key horizontal level at 130.55, which now acts as a resistance role. Both the 20-period and 50-period moving averages are heading downward and should continue to push the prices lower. Therefore, as long as 149.70 holds on the upside, look for a new pullback to 148.30 and 147.90 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 150.15, 150.65, and 151.30.
Support levels: 148.30, 147.90, and 147.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/JPY is expected to trade with a bearish outlook. The pair accelerated on the downside after the recent bearish breakout of a key horizontal level at 130.55, which now acts as a resistance role. Both the 20-period and 50-period moving averages are heading downward and should continue to push the prices lower. Therefore, as long as 149.70 holds on the upside, look for a new pullback to 148.30 and 147.90 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 150.15, 150.65, and 151.30.
Support levels: 148.30, 147.90, and 147.
The material has been provided by InstaForex Company – www.instaforex.com
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