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GBP/JPY is under pressure. The relative strength index is capped by a negative trend line and holds below its neutrality level at 50. Additionally, the 20-period moving average crossed below the 50-period one and is playing a resistance role. As long as 144.50 holds on the upside, look for a further drop toward 143.20 and even 142.80 in extension.
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 143.20 and the second one at 142.80. In the alternative scenario, short positions are recommended with the first target at 145.30 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 145.50. The pivot point lies at 144.50.
Resistance levels: 145.30, 145.50, 146.05
Support levels: 143.20, 142.80, 140.15
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