GBP/JPY is turning up and is expected to trade with a bullish bias. The pair has broken above the key resistance at 147.60 and is on its way to return to 149.50. It is currently trading above the 50-period moving average as the relative strength index stays above the neutrality level of 50. The intraday outlook has turned bullish, and the pair is expected to bounce toward 151.30 upon taking 151.30.
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 149.80 and the second one at 151.30. In the alternative scenario, short positions are recommended with the first target at 146.50 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 145.30. The pivot point is at 147.60.
Resistance levels: 149.80, 151.30, 152.35 Support levels: 146.50, 145.30, 144.25