GBP/JPY is expected to trade in a higher range as the key resistance is at 170.10. The pair stays below its key resistance at 170.10 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 169.35. A break below this level would open the way to further weakness towards 168.30.
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 169.35. A break of that target will move the pair further downwards to 168.30. The pivot point stands at 170.10. 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 171.70 and the second target at 172.50.
Resistance levels: 171.70, 172.50, 173.45
Support levels: 169.35, 168.30, 167.65
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