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GBP/JPY is expected to trade with bullish bias above 142.75. The pair is posting a pullback but stays above its horizontal support at 142.75. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 142.75 is not broken below, further bounce is expected with 143.90 as the next target.
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 143.90 and the second one at 144.20. In the alternative scenario, short positions are recommended with the first target at 142.50 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 142.25. The pivot point lies at 142.75.
Resistance levels: 143.90, 144.20, 145.15
Support levels: 142.50,142.25, 141.60
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