Overview:
GBP/JPY is expected to trade with bullish bias. It is supported by the buoyant EUR/USD undertone, demand from Japan's importers and loose Bank of Japan monetary policy. But GBP/JPY gains are tempered by the Japanese exports sales and lingering concerns over the crisis in Ukraine. Daily chart is mixed as MACD and stochastics are bearish, but five-day moving average is meandering sideways.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 169.45 and the second target at 169.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 168. A breach of this target will push the pair further downwards and one may expect the second target at 167.70. The pivot point is at 168.35.
Resistance levels:
169.45
169.70
170
Support levels:
168
167.70
167.10
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