Overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the positive yen sentiment and the Japanese exports sales. But EUR/JPY losses are tempered by the improved investor risk appetite and demand from Japan's importers. Daily chart is negative-biased as MACD and stochastics are bearish, 5-day moving average is falling below 15-day MA.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 170.00. A breach of this target will move the pair further downwards to 169.50. The pivot point stands at 172.00. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 172.75 and the second target at 173.15.
Resistance levels:
172.75
173.15
173.60
Support levels:
170.00
169.50
1697
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