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    Technical analysis of GBP/JPY for October 21, 2015


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    GBP/JPY is expected to trade with bullish bias. The pair is well supported by its rising 50-period intraday MA and remains on the upside. The 20-period MA also stays above the 50-period one, which confirms a bullish bias. The intraday RSI is above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 184.60 at first. A break above this level would call for further advance towards 185.80 in extension.

    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 185.80 and the second target at 185.80. In the alternative scenario, short positions are recommended with the first target at 184.05 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 183.60. The pivot point is at 184.60.

    Resistance levels: 185.80 186.45 187.25

    Support levels: 184.05 183.60 183

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