Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is undermined by strong GBP/USD undertone, diminished investor risk appetite, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is soothed by the stronger-than-expected UK March CIPS / Markit services PMI of 58.9 (versus forecast 57.0).
Technical comment:
The daily chart is mixed as the MACD is bullish but stochastics is turning bearish.
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 178.70 and the second target at 179.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.60. A break of this target is likely to push the pair further downwards, and one may expect the second target at 177.20. The pivot point is at 177.90.
Resistance levels:
178.70
179.20
180.45
Support levels:
177.60
177.20
176.65
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