Fundamental overview:
GBP/JPY is expected to trade with risks skewed lower. It is undermined by the soft euro sentiment and Japan's export sales. But GBP/JPY losses are tempered by the positive investor risk appetite, demand from Japan's importers and buoyant USD/JPY undertone and sterling demand on soft EUR/GBP cross.
Technical comment:
Daily chart is mixed as five and 15-day moving averages are advancing, but MACD is bearish, stochastics is neutral.
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 187.50 and the second target at 188. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 185.90. A break of this target would push the pair further downwards and one may expect the second target at 185.25. The pivot point is at 186.25.
Resistance levels:
187.50
188
188.50
Support levels:
185.90
185.25
184.70
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