GBP/JPY is expected to trade with bullish bias. The pair broke above its previous resistance at 183, which has become a support now, and accelerated on the upside. The 50-period MA is ascending and playing a support role. The intraday RSI is above its neutrality level at 50 and lacks downward momentum. As long as 183 holds on the downside, look for a further upside to 184.40.
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 184.40 and the second target at 184.85. In the alternative scenario, short positions are recommended with the first target at 182.30 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 181.80. The pivot point is at 183.
Resistance levels: 183.90 184.30 184.85
Support levels: 181.50 181.10 180.50
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