Overview:
GBP/JPY is expected to consolidate in a higher range as markets await U.S. non-farm payrolls report. GBP/JPY is supported by the positive investor risk appetite and demand from the Japanese importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, five and 15-day moving averages are rising.
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 175.80 and the second target at 176.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.70. A breach of this target would push the pair further downwards and one may expect the second target at 173.30. The pivot point is at 173.70.
Resistance levels:
175.80
176.15
176.65
Support levels:
173.70
173.30
174.85
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