GBP/JPY is expected to trade with a bullish bias. The technical picture of the pair remains positive above a rising trend line, and is holding on the upside. The relative strength index is above a rising trend line and is above its neutrality level at 50. In addition, 144.50 is playing a key support role, which should limit the downside potential.

As long as this key level is not broken, look for a further advance towards 145.20 and even 145.45 in extension.

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 145.20 and the second one at 145.45. In the alternative scenario, the short position is recommended with the first target at 144.05 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 143.75. The pivot point is at 144.50.

Resistance levels: 145.20, 145.45, and 146.00

Support levels: 144.05,143.75, and 143.00