GBP/JPY is expected to trade with a bullish bias. The pair broke above its 20-period MA, which plays a role of support now, and accelerated on the upside. The 50-period MA is also turning up. The intraday RSI is above its neutrality level of 50 and lacks downward momentum. As long as 184.50 holds on the downside, look for a further advance towards 185.65 and even 186.
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 185.65 and the second target at 186. In the alternative scenario, short positions are recommended with the first target at 183.90 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 183.60. The pivot point is at 184.50.
Resistance levels: 185.65 186 186.75
Support levels: 183.90 183.60 183
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