Overview:
GBP/JPY is expected to trade in a lower range. It is supported by the improving investor risk appetite and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is mixed as MACD and stochastics are turning bullish, but five-day moving average is below 15-day MA and is declining.
Trading recommendations:
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 170.70. A break of this target will move the pair further downwards to 170.20. The pivot point stands at 171.65. In case the price moves in the opposite direction and bounces back from the support level, then it will 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 and the second target at 172.65.
Resistance levels:
172
172.65
173
Support levels:
170.70
170.20
169.85
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