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GBP/JPY is under pressure now and is expected to trade in a lower range. The pair has accelerated to the downside after breaking below its previous support at 167.75, which should now play a key resistance role. The 20-period moving average stays below the 50-period one, and the relative strength index is negatively oriented. The first target to the downside is seen at the horizontal support and overlap at 164.75. A breakout below this level would open the way to further weakness toward 163.90.
Trading Recommendations:
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 164.75. A break of that target will move the pair further downwards to 163.90. The pivot point stands at 167.75. 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 168.90 and the second target at 169.70.
Resistance levels: 168.90, 169.70, 170.50
Support levels: 164.75, 163.90, 163
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