GBP/JPY is expected to trade with bearish outlook. The pair remains weak below its horizontal level at 149.55. A bearish cross has just identified between the 20-period and 50-period moving averages. Furthermore, the relative strength index is still bearish, without showing any reversal signal. To conclude, as long as 149.55 is not surpassed, it is likely to decline to 148.40 and 147.80 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: 150.15, 150.65, and 151.30.

Support levels: 148.40, 147.80, and 147.