GBP/JPY is expected to trade with bearish bias. The pair remains below its ascending 20-period moving average, which stays below the 50-period one. Meanwhile, the relative strength index is around its neutrality area at 50 and is negatively oriented. The intraday bias is still negative: as long as 142.45 is not broken down, further rise is preferred with yesterday's high at 141.70 as the first target.
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 141.70. A break below this target will move the pair further downwards to 141.25. The pivot point stands at 142.45. If 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 142.80 and the second one at 143.10.
Resistance levels: 142.80, 143.10, and 144.00
Support levels: 141.70,141.35, and 140.90
