GBP/JPY is expected to trade with a bullish bias as the key resistance is at 152.35. The pair stays below its horizontal resistance at 152.35 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. As long as 152.35 holds as the key resistance, target 149 and 148 as the next supports.
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 149. A break of this target will move the pair further downwards to 148.00. The pivot point stands at 152.35. 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 153.70 and the second one at 155.
Resistance levels: 153.70, 155, 156.25 Support levels: 149, 148, 147.25
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