Overview
The GBP/JPY pair held higher above the support at 138.75. However, the ongoing formation of a barrier by the moving average 55 at 141.70 might support sideways fluctuations in the near-term period. Therefore, we recommend monitoring the price behavior and wait for surpassing one of the mentioned levels to detect the true targets in the upcoming period without suffering any sudden losses. Note that continuation of the negative pressure and an attempt to break the current support will confirm regaining the bearish bias with targets at 137.70 and then 135.05 levels. A breach of the moving average 55 will open the way for resuming the bullish trend with upward targets at 143.35 and 145.50 levels. The expected trading range for today is between 138.75 and 141.70.
