Overview:
GBP/JPY is expected to trade in a higher range. It is supported by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is mixed as MACD is bearish, but stochastics is turning bullish.
Trading recommendations:
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 174.60 and the second target at 175.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.20. A break of this target would push the pair further downwards and one may expect the second target at 172.85. The pivot point is at 173.90.
Resistance levels:
174.60
175.15
175.40
Support levels:
173.20
172.85
172.35
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