Overview:
The GBP/JPY is expected to trade in higher range. It is supported by the improved risk tolerance and positive euro sentiment, demand from Japan importers and loose BOJ's monetary policy. But the GBP/JPY gains are tempered by the Japan exporter sales. The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought 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 172 and the second target at 172.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170. A breach of this target will push the pair further downwards and one may expect the second target at 169.35. The pivot point is at 170.45.
Resistance levels:
172
172.90
173.60
Support levels:
170
169.35
168.75
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