GBP/JPY is expected to trade at a higher range. Bias remains bullish. The pair broke above the previous declining trend channel, and it is accelerating on the upside. The relative strength index stays above 50. Further bounce is expected with 137.60 and 139.00 as targets.
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 137.60 and the second one, at 139.00. In the alternative scenario, short positions are recommended with the first target at 133.70 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 133.00. The pivot point is at 134.85.
Resistance levels: 137.60 , 139.00 , 139.85
Support levels: 133.70 , 133.00 , 132.15
