GBP/JPY is turning up and has been supported by its rising 20-period moving average which stays above the 50-period one. Meanwhile, the relative strength index has been supported by a rising trend line, and remains above its neutrality area at 50.
The intraday bias should remain positive, as long as 139.90 is not broken down, further bounce is preferred with 140.95 and 141.25 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 140.95 and the second one at 141.25. In the alternative scenario, short positions are recommended with the first target at 139.60, 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 139.30. The pivot point is at 139.90.
Resistance levels: 140.95, 141.25, and 141.80
Support levels: 139.60,139.30, and 138.65
The material has been provided by InstaForex Company - www.instaforex.com