GBP/JPY is expected to continue upside and post some further upside highs. The pair is posting some technical rebounds, and is likely to challenge its horizontal resistance at 149.95. A strong support base has formed at 148.35, and is expected to limit any downside room. The relative strength index is mixed to bullish, and lacks downward momentum. Therefore, as long as 148.35 is not clearly broken, likely advance to 149.35 and 150.30 in extension.
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: 149.95, 150.30, and 151.00.
Support levels: 147.65, 147.30, and 148.
The material has been provided by InstaForex Company - www.instaforex.com