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GBP/JPY is expected to trade with a bullish bias above 139.95. The pair has crossed above its 50-period moving average, and is posting a rebound. The 20-period moving average stays above the 50-period one, and the relative strength index lacks downward momentum. Therefore, as long as 139.95 holds as the key support, look for a further rise to 141 and 141.70.
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 141.00 and the second one at 141.70. In the alternative scenario, short positions are recommended with the first target at 139.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 141.70. The pivot point is at 139.95.
Resistance levels: 141.00, 141.70, 142.55
Support levels: 136.45, 136.10, 135.30
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