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GBP/JPY is expected to trade with bullish bias above 142.10. The pair has broken above a negative trendline, and has been supported by the rising 20-period moving average, which has just crossed above the 50-period one. Meanwhile, the relative strength index is above its neutrality area at 50 and lacks downward momentum. As long as 142.10 is not broken below, further bounce is expected with yesterday's high at 143.10 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 143.10 and the second one at 143.55. In the alternative scenario, short positions are recommended with the first target at 141.70, 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 141.25. The pivot point is at 142.10.
Resistance levels: 143.10, 143.55, and 144.75
Support levels: 141.70,141.35, and 140.90
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