GBP/JPY is expected to trade with a bearish outlook and continue its downside movement. The pair is facing the challenge of its major resistance at 150.70, which is expected to limit any upward attempts. A consolidation cannot be ruled out at the current stage, as the relative strength index is also turning down, and has broken below its neutrality area at 50. To conclude, as long as 150.70 isn't surpassed, look for a new decline to 149.85 and 149.55 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: 151.00, 151.40, and 152.00.
Support levels: 149.85, 149.9055, and 149.
The material has been provided by InstaForex Company - www.instaforex.com