GBP/JPY is expected to trade with a bearish bias. The pair has accelerated to the downside after breaking down its previous support at 133.55, which should now play a key resistance role. Meanwhile, the relative strength index is mixed to bearish. The first target to the downside is set at the horizontal support and overlap with 183.35. A breakout below this level would open the way to further weakness toward 182.75.
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 183.35. A break of that target will move the pair further downwards to 182.75. The pivot point stands at 185.05. 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 185.40 and the second target at 185.70.
Resistance levels: 185.40 185.70 186.35
Support levels: 183.35 182.75 182
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