GBP/JPY is expected to trade with bullish bias above 183. The pair keeps trading above the key support at 183. It has entered a consolidation after challenging the first upside target at 184.75 and is around the 50-period intraday MA. As long as 183 holds as the key support, the bullish bias should be maintained. However, a break below 183 would make the intraday outlook bearish.
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 184.75 and the second target at 185.30. In the alternative scenario, short positions are recommended with the first target at 182.60 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 182. The pivot point is at 183.
Resistance levels: 184.75 185.30 186.15
Support levels: 182.60 182.00 181.35
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