GBP/JPY is expected to trade with bullish bias above 160.10. The pair remains on the upside. The support lies at 160.10, and it allows for a temporary stabilization. Even though a consolidation cannot be ruled out at the current stage, its extent should be very limited before the price bounces again. In which case, as long as 160.10 holds on the downside, the intraday outlook remains positive with targets at 161.65 and 162.70 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 161.65 and the second one at 162.70. In the alternative scenario, short positions are 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 158.30. The pivot point is at 160.10.
Resistance levels: 161.65, 162.70, 163.50
Support levels: 158.30, 157.25, 156.70
The material has been provided by InstaForex Company - www.instaforex.com