Technical analysis of GBP/JPY for October 02, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bearish bias. The pair keeps challenging the key resistance at 182.25 while intraday technical indicators are mixed. As long as this key resistance isn't broken, the pair is likely to return to the next support at 180.80. A break below this level would call for a further drop toward 180.30.

Trading recommendations:

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 180.80. A breakout of that target will move the pair further downwards to 180.30. The pivot point stands at 182.25. In case the price moves in the opposite direction 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 182.75 and the second target at 183.30.

Resistance levels: 182.75 183.30 184

Support levels: 180.80 180.30 179.60

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