GBP/JPY is expected to trade in a lower range as the key resistance lies at 133.30. The pair stays below 133.30 and remains capped by the 50-period moving average. And the relative strength index lacks upward momentum. As long as 133.30 holds as the key resistance, a drop toward 131.90 is possible.
Trading recommendations:
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 133.30. A break below this target will move the pair further downwards to 139.50. The pivot point stands at 147.50. In case 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 144.15 and the second one, at 147.50.
Resistance levels: 144.15, 147.50, 150
Support levels: 133.30, 131.90, 130
