FX.co ★ Technical analysis of GBP/JPY for February 24, 2017

GBP/JPY is expected to move further upwards. The pair recorded a succession of higher tops and higher bottoms and is holding on the upside. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and calls for a further upside.

As long as 141.20 is support, look for a further advance toward 142.05 and even 142.40 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 142.05 and the second one at 142.40. In the alternative scenario, short positions are recommended with the first target at 140.95, 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 140.65. The pivot point is at 141.20.

Resistance levels: 142.05, 142.40, and 143.00

Support levels: 140.95,140.65, and 140.00