Technical analysis of GBP/JPY for March 29, 2018

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GBP/JPY is expected to trade with a bullish outlook. Despite the recent consolidation, the pair is still bullish above its horizontal support at 149.30, and is likely to challenge the next resistance at 150.65. A bullish cross has been identified between the 20-period and 50-period moving averages. In addition, the relative strength index is supported by its rising trend line. In which case, as long as 149.30 is not broken, likely advance to 150.65 and 151.40 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: 150.65, 151.40, and 152.10.

Support levels: 148.90, 148.40, and 148.

The material has been provided by InstaForex Company - www.instaforex.com