GBP/JPY is under pressure. The pair is consolidating below its 20-period and 50-period moving averages, while the 20-period moving average just crossed below the 50-period one. The relative strength index is capped by a bearish trend line and is below its neutrality level at 50. As long as 147.30 holds on the upside, look for a further drop toward 145.90 and even 145.50 in extension.
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 145.90. A break below this target will move the pair further downwards to 145.50. The pivot point stands at 147.30. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 147.65 and the second one at 148.15.
Resistance levels: 147.65, 148.15, 149.00
Support levels: 145.90, 145.50, 144.65
