Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is weighed by the weak euro sentiment after ECB President Draghi's signal of more aggressive monetary easing. Sterling sentiment is dented after PM Cameron's Conservative Party's loss of parliament seat to the U.K. Independence Party, which advocates the U.K.'s exit from the EU, in a vote Thursday. GBP/USD is also weighed by the positive dollar sentiment.
Technical comment:
Daily chart is mixed as MACD is bullish, but stochastics is turned 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 186.15 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 183.35. A break of this target would push the pair further downwards and one may expect the second target at 182.80. The pivot point is at 184.15.
Resistance levels:
186.15
187
187.75
Support levels:
183.35
182.80
182.35
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