GBP/JPY is expected to trade with a bullish outlook. The pair remains upside above the key support at 151.00. Besides, the 20-period moving average has moved up, and also has crossed above the 50-period one (a positive signal). Furthermore, the intraday relative strength index is above its neutrality area at 50 and is also displaying upside momentum.
Therefore, as long as 151.00 holds on the downside, look for a new target to 151.75 and 152.00 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.00 with the target at 150.75
Strategy: BUY, Stop Loss: 151.00, Take Profit: 151.75
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 151.75, 152.00, and 152.45
Support levels: 150.75, 150.25, and 149.60