GBP/JPY is expected to trade with a bullish bias above 146.35. The pair has broken above its previous high and is looking for a higher top. And the relative strength index is mixed to bullish. As long as 146.35 is not broken down, further bounce is preferred with 147.65 and 148.40 as targets.
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 147.65 and the second one at 148.40. In the alternative scenario, short positions are recommended with the first target at 145.90 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 145.50. The pivot point lies at 146.35.
Resistance levels: 147.65, 148.40, 149.00
Support levels: 145.90, 145.50, 144.65
