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GBP/JPY is expected to continue its downside movement. The intraday outlook is still bearish, as the process of lower highs and lows remains intact on the prices. Besides, both the 20-period and 50-period moving averages are heading downward without showing any reversal signals. The relative strength index remains under pressure below its neutrality area at 50.
To sum up, as long as 140.10 is not surpassed, it is likely to observe a decline to 139.05 at first. If breakout is seen, look for a new pullback to 138.75 in extension.
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 139.05. A break below this target will move the pair further downwards to 138.75. The pivot point stands at 140.10. 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 140.50 and the second one at 141.00.
Resistance levels: 140.50, 141.00, and 141.50
Support levels: 139.05,138.75, and 138.00
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