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GBP/JPY is expected to prevail its upside movement. The pair is trading above the rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further upside.
Hence, as long as 142.20 is not broken, a new rise to 143.50 and even to 144 seems more likely to occur.
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 143.50 and the second one at 144.00. In the alternative scenario, short positions are recommended with the first target at 141.60 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 140.65. The pivot point is at 142.20.
Resistance levels: 143.50, 144.00, and 144.55
Support levels: 141.60,140.65, and 140.00
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