GBP/JPY is expected to extend its upside movement. The pair has been supported by a rising trend line, and also remains supported by its rising 20-period moving average, which has crossed above the 50-period moving average. And the relative strength index is still above its neutrality area at 50 and is well directed.
As long as 145.70 is not broken down, further advance is preferred with 146.55 and 147.00 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 146.55 and the second one at 147.00. In the alternative scenario, short positions are recommended with the first target at 145.15 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 144.85. The pivot point is at 145.70.
Resistance levels: 146.55, 147.00, and 147.65
Support levels: 145.15,144.85, and 144.00
