GBP/JPY is expected to trade with bullish bias. The pair remains on the upside and is currently supported by the over-lapping 20- and 50-period intraday MAs. The intraday RSI stays above the neutrality level at 50. As long as 186.35 holds as the key support, the pair could rise toward the first upside target at 187.30 and the second one at 188.05.
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 187.30 and the second target at 188.05. In the alternative scenario, short positions are recommended with the first target at 185.80 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 185.20. The pivot point is at 186.35.
Resistance levels: 187.30 188.05 188.70
Support levels: 185.80 185.20 184.60
The material has been provided by InstaForex Company - www.instaforex.com