GBP/JPY is expected to trade with bullish bias above 137.20. The pair remains in a consolidation phase, which was initiated after an intraday high. Currently, it is trading above the key support at 137.20 though intraday technical indicators are a bit negative. As long as 137.20 holds as the key support, the pair is expected to retest the first upside target at 140.15.

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 140.15 and the second one, at 141.10. In the alternative scenario, short positions are recommended with the first target at 136.60 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 135.90. The pivot point is at 137.20.

Resistance levels: 140.15, 141.25, 142.40

Support levels: 136.60, 135.90, 134.95