GBP/JPY is expected to trade in a lower range as the key resistance is at 155.55. The pair is posting a rebound but remains capped by its negative 50-period moving average. Meanwhile the relative strength index lacks upward momentum. As long as 155.55 holds as the key resistance, targets are seen at 153.60 and 152.60 as the next supports.
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 153.60 and the second one at 152.40. In the alternative scenario, short positions are recommended with the first target at 156.35 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 157.25. The pivot point is at 155.55.
Resistance levels: 156.35, 157.25, 158.75
Support levels: 153.60, 152.40, 151.75