GBP/JPY is expected to trade with a bullish bias. It is undermined by the soft EUR/USD undertone. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen as global sentiment improved amid a Greek deal.
The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 192.90 and the second target at 193.75. In the alternative scenario, short positions are recommended with the first target at 190.65 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 189.65. The pivot point is at 191.50.
Resistance levels: 192.90 193.75 194.50
Support levels: 190.65 189.65 189
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