Fundamental overview:
GBP/JPY is expected to consolidate with a bullish bias. It is supported by the firmer USD/JPY undertone and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and soft EUR/USD and Bank of Japan's large-scale easing policy. Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.
Technical comment:
Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.
Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 186.15 and the second target at 186.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 157.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.10.
Resistance levels:
186.15
186.50
186.75
Support levels:
184.70
184
183.35
The material has been provided by InstaForex Company - www.instaforex.com
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