Overview:
GBPJPY is consolidating with bullish bias after hitting four-day low on Wednesday. Undermined by diminished investor risk appetite; Japan exporter sales. But GBP/JPY losses tempered by improved euro sentiment; demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.
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 159.45 and the second target at 160. You should keep in view short positions below the pivot. Keep the first target at 157.25. The breach of this target will move the pair downwards further and one may expect the second target at 156.6. The pivot point stands at 157.9.
Resistance levels:
159.45
160
160.6
Support levels:
157.25
156.6
156
