GBP/JPY is under pressure. The pair broke below the lower boundary of a symmetric triangle which emerged on December 19. The declining 50-period moving average is playing a resistance role and maintains the downside bias. As long as 146.20 holds on the upside, we expect a new drop towards 144.90. If the price breaks below, look for a further decline towards 144.50 as possible.
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 144.90. A break below this target will move the pair further downwards to 144.50. The pivot point stands at 146.20. 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 146.55 and the second one at 147.30.
Resistance levels: 146.55, 147.30, 147.65
Support levels: 144.90, 144.50, 144.00
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