GBP/JPY is under pressure and expected to remain under it. The pair remains in a downward trend, capped by its falling 50-period moving average. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited before further downsides. Last but not least, the relative strength index has struck against its neutrality area at 50, calling for a new drop. To conclude, as long as 147.25 is resistance, it is likely decline to 145 and 144.20 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: 147.90, 148.75, and 149.35
Support levels: 145, 144.20, and 143.75