Technical analysis of GBP/JPY for May 17, 2018

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GBP/JPY is expected to trade with a bullish outlook. The technical outlook of the pair turned bullish as the prices broke above the declining trend line since May 15. The 20-period moving average is turning up. The relative strength index is heading upward, calling for a further rebound. Therefore, as long as 149.05 is support, look for an advance with targets at 149.90 and 150.40 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: 149.90,150.40, and 160.00

Support levels: 148.70, 148.20, and 147.60

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