GBP/JPY is expected to trade in a lower range. The pair has finally broken to the downside after choppy sessions. It is trading around the lower Bollinger Band as those bands are widening. Meanwhile, the 20-period intraday MA has crossed below the 50-period one, and the intraday RSI has pushed below the oversold level of 30 and showed no sign of bullish divergence. The first downside target at 184.550 is in sight. Only a break above the key resistance at 189.35 would turn the intraday outlook bullish and call for a further bounce toward the first alternative upside target at 0.7360.
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 184.55. A break of that target will move the pair further downwards to 182.75. The pivot point stands at 189.35. 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 191.10 and the second target at 192.10.
Resistance levels: 191.10 192.10 193
Support levels: 184.54 182.75 182
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