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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by weak GBP/USD undertone, increased investor risk aversion, and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Sterling sentiment is boosted by the stronger-than-expected UK Final Q4 GDP revised higher to +0.6 q/q, +3.0% y/y (versus forecast +0.5 q/qr, +2.7% y/y).
Technical comment:
The daily chart is mixed as the MACD is bullish but stochastics is in a bearish mode. A bearish outside-day-range pattern was completed on Tuesday. A five-day moving average is falling below a 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 177.75 and the second target at 178.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.45. A break of this target would push the pair further downwards, and one may expect the second target at 176. The pivot point is at 176.80.
Resistance levels:
177.75
178.40
179.30
Support levels:
176.45
176
175.45
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