GBP/JPY is expected to move further upside. The pair has continued its rebound since the low, which was hit on February 7, and is likely to continue its upleg. The 20-period moving average is currently playing a key support role, while the 50-period moving average is also rising and confirming a bullish bias. Meanwhile, the relative strength index is above its neutrality area at 50 and is positively oriented. As long as the level of 141.30 is not broken down, further bounce is preferred with 142.60 and 143.10 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 142.60 and the second one at 143.10. In the alternative scenario, short positions are recommended with the first target at 140.50, 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 139.90. The pivot point is at 141.30.

Resistance levels: 142.60, 143.10, and 143.75

Support levels: 140.50,139.90, and 139.45