GBP/JPY is expected to trade in a lower range. It is undermined by soft GBP/USD undertone. But GBP/JPY is limited by hawkish Bank of England's monetary policy stance and sterling demand on the soft EUR/GBP cross and diminished investor risk aversion.
Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish.
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 194.35 and the second target at 194.70. In the alternative scenario, short positions are recommended with the first target at 192.25 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 191.80. The pivot point is at 192.85.
Resistance levels: 194.35 194.70 195.45
Support levels: 192.25 191.80 191
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