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19.09.201318:18 Forex Analysis & Reviews: GBP/JPY: Bullish Bias (Sep 19, 2013)

Long-term review

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Overview:
GBP/JPY is trading with bullish bias. The rate is supported by positive risk sentiment; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish.

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 higher range is most favorable and buy position is recommended above its pivot, with the first target at 160 and the second target at 160.45. You should keep in view short position below the pivot keep of the first target at 157.45, breach of this target will move the pair downward further and one may expect the second target at 156.65. The pivot point stands at 158.1.

Resistance Levels:
160
160.45
160.7

Support Levels:
157.45
156.65
156

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