GBP/JPY is under pressure. The pair has broken below the previous support at 136.05, which should now play a key resistance role. Meanwhile, the descending 50-period moving average maintains a bearish bias, and the relative strength index lacks upward momentum. As long as 136.05 holds as the key resistance, a break below 134.50 is possible.

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 134.50. A break below this target will move the pair further downwards to 133.95. The pivot point stands at 136.05. In case the price moves in the opposite di rection 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 136.40 and the second one, at 137.10.

Resistance levels: 136.40, 137.10, 137.80

Support levels: 134.50, 133.95, 133.55