GBP/JPY is expected to trade mainly with an upside movement. The pair has crossed above its 20-period moving average, which stays above the 50-period one.
And the relative strength index is well directed and lacks downward momentum. The British pound dropped for the fourth straight session against the U.S. dollar as investors' hopes for a delayed Brexit were dampened after British lawmakers said they would stick to Prime Minister Theresa May's timetable.
As long as 144.35 is not broken down, further bounce is preferred with 145.90 and 146.65 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 145.90 and the second one at 146.65.
In the alternative scenario, short positions are recommended with the first target at 143.70 if the price moves below its pivot point.
A break of this target is likely to push the pair further downwards, and one may expect the second target at 143.30. The pivot point lies at 114.35.
Resistance levels: 145.90, 146.65, 147.35
Support levels: 143.70, 143.30, 142.70
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