GBP/JPY is expected to trade in a lower pressure. The pair stays below its key resistance at 183.50 and remains under pressure. The 20-period moving average has crossed below the 50-period one. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is seen at the horizontal support overlapping at 182.10. A breakout below this level would open the way to further weakness toward 181.70.
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 182.10. A break of that target will move the pair further downwards to 181.70. The pivot point stands at 183.50. 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 184.10 and the second target at 184.50.
Resistance levels: 184.10 184.50 185.05
Support levels: 182.10 181.70 181
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