GBP/JPY is expected to trade with bullish bias. It is supported by the reduced safe-haven appeal of the yen amid improved risk sentiment. On Thursday, the Bank of England kept its benchmark interest rate at 0.5% as widely anticipated. GBP/JPY is supported by improved risk sentiment. But GBP/JPY gains are tempered by the sterling sales on the buoyant EUR/GBP cross.
Technical comment:
The daily chart is still negative-biased as the MACD and stochastics are bearish, five and 15-day moving averages are declining.
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 190.95 and the second target at 191.60. In the alternative scenario, short positions are recommended with the first target at 187.30 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 186.05. The pivot point is at 188.80.
Resistance levels: 190.95 191.60 192.45
Support levels: 187.30 186.05 185.50
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