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GBP/JPY is expected to trade with a bearish bias as key resistance is set at 144.10. The pair is holding below its key resistance, and remains capped by the 50-period moving average. Meanwhile the relative strength index is around 50 and lacks upward momentum. As long as 144.10 holds as the key resistance, a break below 143.10 is possible.
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 142.75. The pivot point stands at 144.10. 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 144.40 and the second one at 144.95.
Resistance levels: 144.40, 144.95, 145.40
Support levels: 143.10, 142.75, 142.00
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