Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the weaker euro sentiment after the European Central Bank said it would no longer accept Greek public securities as collateral for central bank loans. GBP/JPY is also weighed by the flows to the safe have yen amid negative risk sentiment and Japan's exports. But the GBP/JPY losses are tempered by the demand from the Japanese importers.
Technical comment:
The daily chart is mixed as the MACD and stochastics are in bullish mode, but five-day moving average is meandering sideways below falling 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 0.178.95 and the second target at 179.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.20. A break of this target would push the pair further downwards, and one may expect the second target at 176.70. The pivot point is at 177.50.
Resistance levels:
178.95
179.40
1780
Support levels:
177.20
176.70
176
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