GBP/JPY is expected to trade in a higher range. The pair is supported by its ascending 20-period intraday MA and remains on the upside. The 50-period intraday MA is moving with a bullish bias and the intraday RSI stands above the neutrality level of 50 (positively oriented). Further upside is expected with the next horizontal resistance and overlap set at the horizontal support and overlap at 187 at first. A break above this level would call for further advance towards a high of 187.50.
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 187 and the second target at 187.50. In the alternative scenario, short positions are recommended with the first target at 183.85 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 183.35. The pivot point is at 184.75.
Resistance levels: 187 187.50 188
Support levels: 183.85 183.35 182.55
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