Overview:
GBP/JPY is expected to consolidate. It is supported by buoyant EUR/USD undertone. But GBP/JPY upside is limited by subdued risk sentiment before the congressional testimony of Fed Chairwoman Janet Yellen. Daily chart is still positive-biased as stochastics is bullish, MACD is staging bullish crossover against its exponential moving average.
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 169.05 and the second target at 169.7. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 166.25. A breach of this target will push the pair further downwards and one may expect the second target at 165. The pivot point is at 167.15.
Resistance levels:
169.05
169.7
170
Support levels:
166.25
165
164
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