GBP/JPY is expected to trade in range. It is supported by demand from the Japan importers and buoyant USD/JPY undertone. But GBP/JPY upside is limited by the Japan exporter sales. Daily chart is mixed as MACD is bearish, 5- and 15-day moving averages are falling. but stochastics is bullish in oversold zone.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 173.65 and the second target at 174.15 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.25. A breach of this target will move the pair further downwards and one may expect the second target at 170.85. The pivot point stands at 172.25.
Resistance levels:
173.65
174.15
174.85
Support levels:
171.25
170.85
170.40
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For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/JPY for January 23, 2014 . Thanks for your support on Technical analysis of GBP/JPY for January 23, 2014
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