Overview:
GBP/JPY is expected to trade with a bullish bias. It is weighed by the diminished investor risk appetite, Japanese export sales and the weak EUR sentiment. But GBP/JPY losses are tempered by the demand from Japanese importers and the buoyant USD/JPY undertone. The daily chart is still positive-biased as MACD and stochastics is in a bullish mode, five-day moving average is above 15-day MA and is advancing.
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 172.70 and the second target at 172.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.50. A break of this target would push the pair further downwards and one may expect the second target at 171.15. The pivot point is at 171.90.
Resistance levels:
172.70
172.90
173.30
Support levels:
171.50
171.15
170.75
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