BP/JPY is expected to trade in a lower range as the key resistance level is seen at 185.45. The pair is currently moving sideways below its key resistance at 185.45. The intraday RSI is seen around 50 lacking upward momentum. The first downside target is at 186.16. A break below this level would open the way to further weakness towards the horizontal support and overlap at 182.50. Only a break above the key resistance level of 185.45 would call for further upside.
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 183.15. A break of that target will move the pair further downwards to 182.50. The pivot point stands at 185.45. 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 186.60 and the second target at 187.35.
Resistance levels: 186.60 187.35 188
Support levels: 183.15 182.50 182
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