GBP/JPY is expected to trade with bullish bias. The pair stays above its key support at 185.45 and is well supported by its 50-period intraday MA. The intraday RSI is around its 50% neutrality area and is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlaps set at September 14 high at 187.75 at first. A break above this level would call for further advance towards 188.50 in extension.
Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 187.75 and the second target at 188.50. In the alternative scenario, short positions are recommended with the first target at 184.10 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 183.35. The pivot point is at 185.45.
Resistance levels: 187.75 188.50 189.35
Support levels: 184.10 183.35 182.55
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