GBP/JPY is expected to continue its rebound and trade above the trend line. The pair has continued its bounce and now it is trading within a bullish trend channel. The bias remains bullish and further upside is expected with 158.75 and 160.75 as targets.
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 158.75 and the second one at 160.75. In the alternative scenario, short positions are recommended with the first target at 154.10 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 152.90. The pivot point is at 154.90.
Resistance levels: 158.75, 159.50, 160.75
Support levels: 154.10, 152.90, 151.35