GBP/JPY is expected to trade with a bullish bias. The pair is turning up after breaking above its 20-period and 50-period intraday MAs. The intraday RSI is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 132.90187.10. A breakout above this level would call for further advance towards 187.75.
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 187.7510 and the second target at 188.307.75. 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 185.30. The pivot point is at 186.205.
Resistance levels: 187.10 187.75 188.30
Support levels: 185.80 185.30 184.80