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    Technical analysis of GBP/JPY for June 16, 2016

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    GBP/JPY is under pressure and is expected to continue its downside movement. The pair has stuck against 150.65 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. As long as 150.65 holds as the key resistance, the risk of a drop toward 146.50 and 145.30 remains high.

    Trading Recommendations:

    The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 146.50. A break of this target will move the pair further downwards to 145.30. The pivot point stands at 150.65. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 151.30 and the second one at 152.35.

    Resistance levels: 151.30, 152.35, 153.70 Support levels: 146.50, 145.30, 144.25


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