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GBP/JPY is expected to trade in a higher range. The pair has been well supported by its rising 20-period and 50-period moving averages, and is looking for a higher top. Meanwhile, the relative strength index stays above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 160.70 at first. A break above this level would call for further advance toward 162.85 in extension.
Trading Recommendations:
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. Therefore, long positions are recommended with the first target at 162.85 and the second one at 163.40. In the alternative scenario, short positions are recommended with the first target at 160 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 159.40. The pivot point is at 160.70.
Resistance levels: 162.85, 163.40, 164
Support levels: 160, 159.40, 158.40
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