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GBP/JPY is expected to trade with a bullish bias above 140.55. The pair is posting a consolidation above its bullish gap, and remains above the support at 140.55. The 50-period moving average is currently playing a support role, and the relative strength index is around its neutrality area, showing a lack of momentum.
As long as 140.55 is not broken down, a further bounce is preferred with 142.30 and 142.85 as 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 142.30 and the second one at 142.85. In the alternative scenario, short positions are recommended with the first target at 140.00 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 139.30. The pivot point is at 140.55.
Resistance levels: 142.30, 142.85, and 143.35
Support levels: 140.00,139.30, and 138.35
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