GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair is turning up after breaking above its 20- and 50-period intraday MAs. The intraday RSI is positively oriented and calls for further advance. Further upside is therefore expected with the next horizontal resistance and overlap set at 188 at first. A break above this level would call for further advance toward 188.40 in extension.
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 188 and the second target at 188.40. In the alternative scenario, short positions are recommended with the first target at 185.95 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 186.60.
Resistance levels: 188 188.40 189
Support levels: 185.95 185.30 184.80