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GBP/JPY is under pressure as the key resistance is at 144.90. The pair is rebounding and broke above its declining 20-period moving average. Nevertheless, 144.90 is playing a key resistance role, which should limit the upside potential. The descending 50-period moving average is also playing a resistance role and maintains the downside bias. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.
As long as 144.90 is not broken, we keep our negative view unchanged with a down target at 143.10 first. A break below this level would call for a further decline toward 142.65.
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 143.10. A break below this target will move the pair further downwards to 142.65. The pivot point stands at 1444.9. If 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 145.80 and the second one at 146.30.
Resistance levels: 145.80, 146.30, and 147.00
Support levels: 143.10,142.65, and 145.00
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