GBP/JPY is expected to trade with a bullish bias above 185.50. A support base at 185.50 was formed allowing temporary stabilization. The pair is expected to look for a higher top as the relative strength index is well directed. Further upside movement is therefore expected with the next horizontal resistance and overlap set at 186.55 first. A breakout above this level would call for further advance towards 187.
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 186.55 and the second target at 187. In the alternative scenario, short positions are recommended with the first target at 185.05 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 184.55. The pivot point is at 185.50.
Resistance levels: 186.55 187 187.75 Support levels: 185.05 184.55 184
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