GBP/JPY is expected to trade with a bullish outlook. The pair stands firmly above its horizontal support at 150.60, and is expected to post a new rebound. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited before a further advance to 151.60 and then to 152.00. Last but not least, the relative strength index has just broken above its neutrality area at 50, calling for a new rise towards 152.00.
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: 151.60, 152, and 152.60.
Support levels: 150.25, 149.85, and 149.
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