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GBP/JPY is expected to trade with bullish bias above 139.80. The pair is currently posting a pullback, and is testing its 50-period moving average. Meanwhile, the 20-period moving average still stays above the 50-period one, which maintains a bullish bias. And the relative strength index is around its neutrality area at 50, lacking strong downward momentum. As long as 139.80 is not broken below, a technical bounce is expected with 139.20 and 138.50 as the next targets.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 141.25 and the second one at 141.95. In the alternative scenario, short positions are recommended with the first target at 139.20, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 138.50. The pivot point is at 139.80.
Resistance levels: 141.25, 141.95, and 142.50
Support levels: 139.20,138.50, and 138.00
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