Technical analysis of GBP/JPY for April 11, 2018

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All upside targets which we predicted in previous analysis have been hit. GBP/JPY is expected to trade with a bullish outlook. The pair has recorded a process of higher tops and higher bottom since April 9, which confirms a positive outlook. In addition, the prices are trading within a bullish channel. The relative strength index is bullish and calls for a further advance. Therefore, above 150.95, look for a new rise with targets at 152.45 and 153 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: 152.45, 153, and 153.75.

Support levels: 150.60, 150, and 149.30.

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