Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the improved euro sentiment, positive investor risk appetite and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales .GBP/JPY gains are tempered by the sterling sales on buoyant EUR/GBP cross.
Technical comment:
Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is bearish at the overbought levels.
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 185.75 and the second target at 186.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184. A break of this target would push the pair further downwards and one may expect the second target at 183.35. The pivot point is at 184.45.
Resistance levels:
185.75
186.30
187
Support levels:
184
183.35
182.80
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