Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the reduced investor risk appetite and Japan's export sales. But GBP/JPY downside is limited by the demand from the Japanese importers and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish.
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 the pivot point. Short positions are recommended with the first target at 184.95. A break of this target will move the pair further downward to 184. The pivot point stands at 187.10. In case the price moves in the opposite direction and bounces back from the support level, it will move 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 187.80 and the second target at 188.40.
Resistance levels:
187.90
188.40
189
Support levels:
184.95
184
183.35
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