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GBP/JPY is expected to trade with a bullish bias above 131.05. The pair is consolidating but is still trading above its rising 50-period moving average, which plays support role and maintains the upside bias. A support base has formed around 112.60, which should limit the downside potential. The relative strength index is around its neutrality level at 50 and lacks downward momentum. As long as 131.05 holds on the downside, the pair is likely to post a technical rebound toward 132.45. A break above this level would call for further advance toward 133.25.
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 132.45 and the second one at 133.25. In the alternative scenario, short positions are recommended with the first target at 130.40 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 130.00. The pivot point is at 131.05.
Resistance levels: 132.45, 133.25, 134.75
Support levels: 130.40, 130.00, 129.25
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