Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by a weak GBP/USD undertone and Japan exporter sales. But GBP/JPY losses are tempered by a positive investor risk appetite, demand from Japan importers, and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is negative-biased as stochastics is bearish. A five-day moving average staged bearish crossover against a 15-day moving average, bearish parabolic stop-and-reverse signal hit on Thursday.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 176.45. A break of that target underpin the pair further downwards to 176.05. The pivot point is at 178.05. 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. According to that scenario, long positions are recommended with the first target at 179.05 and the second target at 179.30.
Resistance levels:
179.05
179.30
179.75
Support levels:
176.45
176.05
175.65
The material has been provided by InstaForex Company - www.instaforex.com
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