Overview: GBP/JPY is in range-trade. The rate is undermined by weaker euro sentiment; Japan exporter sales. But GBP/JPY downside is limited by buoyant USD/JPY undertone; demand from Japan importers. Daily chart is mixed as MACD bearish; but stochastics is in bullish mode.
Trading recommendations: The pair is trading below its pivot point. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 149.7 in view, breach of this target will move further the pair downward and you should expect the second target at 148.85 . Pivot point stands at 151.2. In case the price moves in opposite direction and returns from its support and moves above its pivot point then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 151.95 and the second target at 152.4 .
Overview:
GBP/JPY is in range-trade. The rate is undermined by weaker euro sentiment; Japan exporter sales. But GBP/JPY downside is limited by buoyant USD/JPY undertone; demand from Japan importers. Daily chart is mixed as MACD bearish; but stochastics is in bullish mode.
Trading recommendations:
The pair is trading below its pivot point. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 149.7 in view, breach of this target will move further the pair downward and you should expect the second target at 148.85 . Pivot point stands at 151.2. In case the price moves in opposite direction and returns from its support and moves above its pivot point then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 151.95 and the second target at 152.4 .
Support levels:
S1 – 149.7
S2 – 148.85
S3 – 148
Resistance levels:
R1 – 151.95
R2 – 152.4
R3 – 153
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