Technical analysis of GBP/JPY for May 03, 2018

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GBP/JPY is expected to trade with a bearish outlook. The pair is accelerating on the downside, capped by its descending 20-period and 50-period moving averages. The key resistance at 149.70 maintains the strong selling pressure on the prices. Last but not least, the relative strength index is bearish and calls for further downside. In these perspectives, as long as 149.70 is not surpassed, likely decline to 148.35 and 147.85 in extension.

Fundamental:

Business activity in the U.K. services sector rebounded in April from a 20-month low in March, a survey showed Thursday.The reading marked a bounce in the U.K. services sector on month, although the figure was still the index's second-lowest reading since September 2016

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: 150.10, 150.55, and 151.15

Support levels: 148.35, 147.85, and 147.00

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