Overview:
GBP/JPY is expected to trade in a higher range. It is supported by the rebounding of EUR/USD and demand from the Japanese importers. But GBP/JPY gains are tempered by the receding risk appetite and Japan's export sales. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining, but stochastics is turning bullish at oversold 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 173.90 and the second target at 174.25. 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:
173.90
174.24
174.75
Support levels:
171.85
171.40
171
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