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GBP/JPY is expected to continue its upside movement. The pair is being consolidated and remains above its horizontal support at 143.00. The 20-period moving average is firmly above the 50-period moving average, and the relative strength index is also above its neutrality area at 50, lacking downward momentum. The upside bias remains intact.
As long as 143.00 is not broken below, further upside is expected with 144.00 and 145.00 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 144.00 and the second one at 145.00. In the alternative scenario, short positions are recommended with the first target at 142.45 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 141.70. The pivot point is at 143.00.
Resistance levels: 144.00, 145.00, and 145.55
Support levels: 142.45,141.70, and 141.00
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