GBP/JPY is under pressure. The pair is now testing the lower support of a symmetric triangle. The pair is trading on the downside and has been capped by its descending 50-period moving average. Thus, as long as 143.35 is not surpassed, expect a new drop toward 142.60, if break below, look for a further decline toward 142.25 as possible.
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 142.60. A break below this target will move the pair further downwards to 142.25. The pivot point stands at 143.35. 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 143.80 and the second one at 144.25.
Resistance levels: 143.80, 144.25, 145.15
Support levels: 142.60,142.25, 141.60
