Overview:
GBP/JPY is expected to trade with risks skewed lower. It is undermined by the increased investor risk aversion amid escalating tensions between Ukraine and Russia and the Japanese exports sales. But GBP/JPY downside is limited by the positive euro sentiment, demand from Japan's importers and positions adjustment before weekend. Daily chart is mixed as MACD and stochastics are in bullish mode, but five-day moving average is meandering sideways.
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 172.40 and the second target at 172.80. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171. A breach of this target will push the pair further downwards and one may expect the second target at 170.55. The pivot point is at 171.35.
Resistance levels:
172.40
172.80
173.15
Support levels:
171
170.55
170
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