GBP/JPY is expected to prevail its downside movement. The pair remains in a down trend, capped by its falling 20-period and 50-period moving averages. The nearest key resistance at 118.60 maintains the strong selling pressure on the prices. Furthermore, the relative strength index is bearish below its neutrality level at 50.

To sum up, as long as 138.30 is not surpassed, look for a return to 136.70 and 136.05 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 136.70. A break below this target will move the pair further downwards to 136.05. The pivot point stands at 138.30. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 138.95 and the second one at 139.45.

Resistance levels: 138.95, 139.45, and 140.15

Support levels: 136.70,136.05, and 138.00