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Fundamental outlook:
GBP/JPY is expected to consolidate with bearish bias as markets await the BOJ monetary policy decision. GBP/JPY is undermined by the reduced investor risk appetite and Japan's exports. But GBP/JPY downside is limited by the demand from the Japanese importers.
Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels. Five-day moving average is above 15-day moving average and is advancing.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 180.75. A break of that target will move the pair further downwards to 180. The pivot point stands at 182.40. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 183 and the second target at 184.50
Resistance levels:
183
184.50
185
Support levels:
180.75
180
179.35
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