Overview:
GBP/JPY is expected to consolidate with bullish bias. It is undermined by the negative global risk sentiment and Japan's export sales. But GBP/JPY losses are tempered by the demand from the Japanese importers and positions adjustment before weekend. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.
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 173.25 and the second target at 173.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.85. A breach of this target will push the pair further downwards and one may expect the second target at 171.40. The pivot point is at 172.30.
Resistance levels:
173.25
173.90
174.75
Support levels:
171.85
171.40
171
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