Technical analysis of GBP/JPY for May 02, 2018

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GBP/JPY is expected to trade with a bullish outlook. The pair posted a technical rebound, and is now challenging its key resistance at 150.35. The upside breakout of this level is more likely to occur, as the 20-period moving average has reversed up, and has also crossed above the 50-period one (a positive signal). Besides, the relative strength index stands firmly above its neutrality area at 50. To conclude, as long as 149.10 is not broken, look for further upsides towards 150.38.

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: 150.35, 150.85, and 151.45

Support levels: 149.50, 149.00, and 148.30

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