GBP/JPY is expected to prevail its upside movement. The pair remains in a bullish trend, and is expected to challenge its next resistance at 164.15 in coming trading hours. A bullish breakout of this threshold is more likely to occur as the 20-period and 50-period moving averages are heading upward, which should continue to push prices higher. Besides, the relative strength index is above its neutrality area of 50. To sum up, as long as 162.80 (a horizontal support) is not broken, the price is likely advance to 164.15 and 164.60 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. Therefore, long positions are recommended with the first target at 164.15 and the second one at 164.60. In the alternative scenario, short positions are recommended with the first target at 162.20 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 161.35. The pivot point is at 162.80.
Resistance levels: 164.15, 164.60, 165.35
Support levels: 162.20, 161.35, 160.50