Overview:
GBP/JPY is expected to consolidate with bullish bias. It is гndermined by the increased investor risk aversion and Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is negative-biased as MACD is bearish, stochastics is reverting from bearish mode at oversold, 5 and 15-day moving averages are falling.
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 171.3 and the second target at 172.4 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 167.45. A breach of this target will move the pair further downwards and one may expect the second target at 166.4. The pivot point stands at 168.3.
Resistance levels:
171.3
172.4
173
Support levels:
167.45
166.4
165.35
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