Overview:
GBP/JPY is expected to trade in higher range. It is supported by the improved risk appetite, demand from Japan importers and loose BOJ's monetary policy. But EUR/JPY gains are tempered by the Japan exporter sales, tensions over Ukraine, and speculation that the European Central Bank might ease monetary policy at its meeting next week and positions adjustment before the weekend. Daily chart is mixed as stochastics is falling from overbought zone; but MACD is in bullish mode, bullish doji hammer candlestick pattern was completed on Thursday.
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 170.8 and the second target at 171.2. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169. A breach of this target will push the pair further downwards and one may expect the second target at 168.35. The pivot point is at 169.35.
Resistance levels:
170.8
171.2
171.6
Support levels:
169
168.35
167.9
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