GBP/JPY is expected to trade with a bearish outlook. The pair keeps trading on the downside after losing the handle at the key resistance of 147.25. Currently, it is trading around the descending 20-period moving average, which has crossed below the 50-period one. The relative strength index is yet to recover the neutrality level of 50, signaling continued downward momentum. As long as the bearish intraday outlook is maintained, the pair is expected to fall further toward 145 and in extension, 144.20. Key resistance is located at 147.25, breaching which would open a path toward 147.90 on the upside.
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: 147.90, 148.30, and 149
Support levels: 145, 144.20, and 143.50