GBP/JPY is expected to trade with bullish bias. The pair stays above its key support at 193.65 and is moving sideways around its 20- and 50-period intraday MAs. And the intraday RSI is above 50 lacking downward momentum. Thus, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The first upside target is set at 194.95; and the second one, at 195.40. Only a break below the key support at 193.65 would open the way to further weakness towards the horizontal support and overlap at 193 at first.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 194.95 and the second target at 195.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 193. A break of this target would push the pair further downwards, and one may expect the second target at 192.20. The pivot point is at 193.65.
Resistance levels: 194.95 195.40 196
Support levels: 193 192.20 191.75
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