GBP/JPY is expected to continue its upside movement. The pair remains above the 20-period moving average which stays above the 50-period moving average. Besides, the relative strength index is still above its neutrality area at 50, and is positively oriented.
As long as 147.15 is not broken down, further advance is preferred with 148.20 and 148.65 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 148.20 and the second one at 148.65. In the alternative scenario, short positions are recommended with the first target at 146.80 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 146.35. The pivot point lies at 147.15.
Resistance levels: 148.20, 148.65, and 149.35
Support levels: 146.80,146.35, and 145.70
The material has been provided by InstaForex Company - www.instaforex.com
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