GBP/JPY is under pressure. The pair has been supported by its declining 20-period moving average, which remains below the 50-period moving average. And the relative strength index is well below its neutrality area at 50, and lacks upward momentum. The intraday bias should remain negative.
As long as 140.15 is not broken above, further decline is preferred with 139.25 and 138.90 as targets.
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 138.25. A break below this target will move the pair further downwards to 138.90. The pivot point stands at 140.15. If the price moves in the opposite direction and bounces back from the support level, it will move 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 140.45 and the second one at 140.80.
Resistance levels: 140.45, 140.80, and 141.20
Support levels: 139.24,138.90, and 138.50
The material has been provided by InstaForex Company - www.instaforex.com
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