Fundamental overview:
GBP/JPY is expected to trade in a higher range underpinned by positive risk sentiment, firmer GBP/USD undertone, demand from Japan importers, and sterling demand on soft EUR/GBP cross amid positive risk sentiment. But GBP/JPY gains are tempered by the Japan exporter sales.
Technical comment:
The daily chart is mixed as The MACD is bearish, 5 and 15-day moving averages are falling but stochastics turned bullish at oversold levels. Inside-day-range pattern was completed on Wednesday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as far as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 178 and the second target at 178.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.05. A break of this target is likely to push the pair further downwards, and one may expect the second target at 175.50. The pivot point is at 176.50.
Resistance levels:
178
178.40
178.95
Support levels:
176.05
175.50
175
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