Today we would take a look at the GBP/JPY currency pair.
In general, we forecast that today the pair will be moving upwards. However, the situation is a bit more complicated, and even the RSI indicator cannot give us a definitive signal. The GBP/JPY is expected to shift upwards and remain above its support levels.
Our pivot point for today is located at 150.70. If the pair managed to overcome it and stay above, then we can hope for further growth in the price. If the GBP/JPY struggles and drops back down, then we have to take a more bearish outlook for the pair. Bear in mind the important support and resistance levels for the pair today: supports are located at 150.35, 149.95, 149.15, while the nearby resistances lie at 151.80, 152.25, and 153.00.
For now the best approach would be to place buy orders, with an S/L at 150.70 and a T/P at 151.80. If the opposite scenario comes to fruition, then we need to go short and place our target at 150.35.
As of the moment of this article’s publication the GBP/JPY pair is trading above the pivot point, at 150.75.
