GBP/JPY is expected to trade with a bullish bias. The pair broke below its 50-period intraday MA, but is still consolidating above its key support at 185.10, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 185.10 is not broken, look for moving further upside with upward targets at 186.25 and 186.75.
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 186.25 and the second target at 186.75. In the alternative scenario, short positions are recommended with the first target at 184.45 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 184.05. The pivot point is at 185.10.
Resistance levels: 186.25 186.75 187.35
Support levels: 184.45184.05 183.60 183
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