GBP/JPY is expected to trade in a higher range. It is undermined by the weak GBP/USD undertone and Japan's exports. But GBP/JPY losses are tempered by the diminished risk aversion and demand from the Japanese importers.
Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is falling below 15-day moving average.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long 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 195.85 and the second target at 196.50. In the alternative scenario, short positions are recommended with the first target at 193.20 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 192.60. The pivot point is at 194.40.
Resistance levels: 195.85 196.50 197.10
Support levels: 193.20 192.60 192
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