GBP/JPY is expected to continue with its downward movement as the key resistance is at 173.05. The pair stays below its key resistance at 173.05 and is moving sideways. Meanwhile, the relative strength index lacks strong upward momentum. The first target to the downside is set at the horizontal support and overlap at 170.40. A break below this level would open the way to further weakness towards 169.60.
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 170.40. A break of that target will move the pair further downwards to 169.60. The pivot point stands at 173.05. 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 174.00 and the second target at 175.10.
Resistance levels: 174.00, 175.10, 175.75
Support levels: 170.40, 169.60, 169
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