GBP/JPY is expected to trade with bearish bias as the key resistance stands at 144.80. The pair is still consolidating within its intraday range pattern between 144.80 and 143. The relative strength index is mixed to bearish, calling for caution. Furthermore, the key resistance at 143.80 should limit any upside room. To sum up, as long as 143.80 is not surpassed, expect a return to 143 and 142.70 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 143.00. A break below this target will move the pair further downwards to 142.70. The pivot point stands at 144.80. 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 145.60 and the second one at 146.70.
Resistance levels: 145.60, 146.70, 147.35
Support levels: 143.00, 142.70, 141.50
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