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GBP/JPY is expected to trade in a higher range as bullish bias remains. The pair posted a rebound and broke above both 20-period and 50-period moving averages. The relative strength index lacks downward momentum. The downside potential should be limited by the key support at 140.85.
Therefore, as long as this key level holds on the downside, look for a new upside to 142.30 and even to 142.70 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.85 with the target at 140.40.
Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 140.85, Take Profit: 142.30.
Resistance levels: 142.30, 142.70, and 143.45
Support levels: 140.40, 139.80, and 139
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