The GBP/JPY pair is expected to trade in a lower range as the downside prevails. The pair remains capped by its declining 20-period intraday moving average and stays on the downside. Meanwhile, the intraday relative index is badly directed. The first downside target is seen at the horizontal support and overlap at 186.20. A breakout below this level would open the way to further weakness towards 18.75.
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 186.20. A break of that target will move the pair further downwards to 185.75. The pivot point stands at 187.45. 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 188.15 and the second target at 188.80.
Resistance levels: 188.15 188.80 189.30
Support levels: 186.20 185.78 185.00
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