Overview:
GBP/JPY is trading in a higher range. Supported by improved investor risk appetite; demand from Japan importers. But GBP/JPY upside is limited by Japan exporter sales. Daily chart is mixed as MACD is bullish, the five-day moving average is above 15-day MA and advancing; but stochastics is turning bearish.
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 far as the price is above its pivot point, trading in a higher range is the most favorable and a buy position is recommended above its pivot, with the first target at 156.5 and the second target at 157.2. You should keep in view short positions below the pivot. Keep the first target at 154.15, the breach of this target will move the pair downwards further and one may expect the second target at 153.5. The pivot point stands at 155.2.
Resistance levels:
156.5
157.2
158
Support levels:
154.15
153.5
152.5
