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GBP/JPY is expected to trade in a higher range as a bias remains bullish. The pair stands firmly above its nearest support at 160, and is likely to challenge its nearest resistance at 161.85. The relative strength index lacks downward momentum. Besides, the key moving averages still act as support roles. To conclude, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 160 is not broken, look for a new bounce to 161.85 and 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 161.85 and the second one at 162.85. In the alternative scenario, a short position is recommended with the first target at 159 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 157.75. The pivot point is at 160.
Resistance levels: 161.85, 162.85, 163.40
Support levels: 159.00, 157.75, 156.90
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