GBP/JPY is expected to post some further upside targets. Currently trading at 160.75, the pair is well supported by its rising 50-period moving average, while the 20-period moving average also stays above the 50-period one. The bias remains bullish and further bounce is expected with the next target set at 162.55 at first.
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 162.55 and the second one at 163.45. In the alternative scenario, short positions are recommended with the first target at 160.10 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. The pivot point is at 160.45.
Resistance levels: 162.55, 163.45, 164.25
Support levels:160, 159, 158.05
The material has been provided by InstaForex Company – www.instaforex.com
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