GBP/JPY is expected to trade with a bearish bias, with key resistance at 155.55. The pair has broken below a rising trend line since June 6 and remains under pressure below its key resistance at 155.55. Meanwhile, the relative strength index lacks upward momentum. As long as 155.55 holds as the key resistance, target 154.10 and 153.20 as the next supports.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 154.10. A break of this target will move the pair further downwards to 153.20. The pivot point stands at 155.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 156.35 and the second one at 157.25.
Resistance levels: 156.35, 157.25, 158.75
Support levels: 154.10, 153.20, 152.35