GBP/JPY is expected to advance further. The pair is holding on the upside and is trading above its rising 20-period and 50-period moving averages, which are playing support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 142.00 represents a significant key support level, which should limit the downside potential. As long as this key level is support, look for a further rise to 143.50 and even 144.15 in extension.
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 143.50 and the second one at 144.15. In the alternative scenario, short positions are recommended with the first target at 141.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 140.75. The pivot point is at 142.00.
Resistance levels: 143.50, 144.15, 144.80
Support levels: 141.60, 140.75,140.00
The material has been provided by InstaForex Company - www.instaforex.com
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