GBP/JPY is expected to trade in lower range. The pair remains capped by its declining 50-period intraday moving average and stays on the downside. Meanwhile, the intraday relative strength index is negatively oriented. The first target to the downside is therefore set at the horizontal support and overlap at 184.65. A breakout below this level would open the way to further weakness toward 184.30.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 186. A break of that target will move the pair further downwards to 186.55. The pivot point stands at 185.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 184.65 and the second target at 184.30.

Resistance levels: 186 186.55 187

Support levels: 184.65 184.30 183.85