GBP/JPY is expected to trade with bullish bias. The pair has just broken above the key resistance at 157.30 and is proceeding to 159.10 on the upside. Currently, the pair is trading above the upper Bollinger band while being supported by the ascending 20-period moving average. Therefore acceleration to the upside is expected. Above 159.10, the next resistance would be found at 159.50.
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 159.10 and the second one, at 159.50. In the alternative scenario, short positions are recommended with the first target at 156.70 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 157.30. The pivot point is at 157.30.
Resistance levels: 159.10, 159.50, 160.35
Support levels: 156.70, 156.30, 155.35
