Overview:
GBP/JPY is expected to trade in a range. It is supported by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales and positions adjustment before the weekend. The daily chart is positive-biased as MACD and stochastics are in a bullish mode.
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 170.55. A break of this target will move the pair further downwards to 170.20. The pivot point stands at 171.30. 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 171.75 and the second target at 172.65.
Resistance levels:
171.75
172.65
173.30
Support levels:
170.55
170.20
169.85
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