GBP/JPY is expected to trade with bullish bias above 142.60. The pair has pulled back on its key support at 142.60, representing the current 50-period moving average, which is still heading upward, and should act as a strong support role. The relative strength index is bullish above its neutrality level at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Hence, as long as 144.25 holds as the key support, the pair is expected to rise toward 145.20 at first.

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 144.25 and the second one at 145.20. In the alternative scenario, short positions are recommended with the first target at 141.50 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 140.00. The pivot point lies at 142.60.

Resistance levels: 144.25, 145.20, 146.05

Support levels: 141.50, 140.00, 139.25