GBP/JPY is under pressure. The pair remains under pressure below its resistance at 151.30 and has been capped by its descending 50-period moving average. Meanwhile, the relative strength index lacks upward momentum. As long as 151.30 holds as the key resistance, the risk of a break below 149 remains high.
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 149. A break of this target will move the pair further downwards to 148.00. The pivot point stands at 152.35. In case 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 152.35 and the second one at 153.70.
Resistance levels: 152.35, 153.70, 155 Support levels: 149, 148, 147.25