Technical analysis of GBP/JPY for Feburary 11, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the diminished risk aversion and improving euro sentiment as worries about Greece recede. GBP sentiment is dented by surprise 0.2% on-month drop in U.K. December industrial production (versus forecast +0.1%).

Technical comment:
The daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average rising above a 15-day moving average.

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 183.40 and the second target at 184.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 180.10. A break of this target would push the pair further downwards, and one may expect the second target at 179.20. The pivot point is at 180.90.

Resistance levels:

183.40

184.30

185

Support levels:

180.10

179.20

178.15

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