GBP/JPY is expected to trade with a bullish bias. The pair broke above its 20-period and 50-period MAs and accelerated to the upside, while the 20-period MA is acts as support. The intraday RSI is above its neutrality level and lacks downward momentum. As long as 185.10 holds on the downside, look for a move further upside towards 186.25. A break above this level would call for a move further upside towards 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: 184.45 184.05 183.60 183
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