Fundamental overview:
GBP/JPY is expected to consolidate with bullish bias. It is undermined by the decreased investor risk appetite and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is boosted by the stronger-than-expected UK March CIPS / Markit manufacturing PMI of 54.4 (versus forecast 54.3).
Technical comment:
Daily chart is mixed as stochastics is bearish, a five-day moving average is below a 15-day moving average and is declining but the MACD is in a bullish mode.
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 177.75 and the second target at 178.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.45. A break of this target would push the pair further downwards, and one may expect the second target at 176. The pivot point is at 176.80.
Resistance levels:
177.75
178.40
179.30
Support levels:
176.45
176
175.45
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