GBP/JPY is expected to trade in a lower range. It is undermined by the ongoing Greece's crisis and Japan's exports. But GBP/JPY downside is limited by the demand from the Japanese importers.
Technical comment:
The daily chart is still negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 187.75. A break of that target will move the pair further downwards to 187. The pivot point stands at 189.25. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 190 and the second target at 190.60.
Resistance levels: 190 190.60 191.35
Support levels: 187.75 187 186.15
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