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    Technical analysis of GBP/JPY for October 07, 2015

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    GBP/JPY is expected to trade with a bullish bias above 182.75. The pair is trading above its rising 20-period and 50-period MAs, which should act as support now. Furthermore, the intraday RSI advocates for further upside room. In addition, a support base was formed around 182.75, which should limit the downside potential. As long as 182.75 remains on the downside, the pair is likely to challenge its previous high at 184.45 in coming sessions.

    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 184.45 and the second target at 184.85. In the alternative scenario, short positions are recommended with the first target at 182 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 181.30. The pivot point is at 182.75.

    Resistance levels: 184.45 184.85 185.35

    Support levels: 182 181.30 180.80


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