GBP/JPY is expected to trade with bullish bias. It is undermined by Japan's exports and the fears that Greece might get into default due to its debts and exit the eurozone. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen amid positive risk sentiment, demand from the Japanese importers, and positions adjustment ahead of the weekend.
The daily chart is mixed as stochastics is bullish but the MACD is bearish, bearish shooting-star candlestick pattern was completed on Thursday.
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 196.10 and the second target at 197.10. In the alternative scenario, short positions are recommended with the first target at 193.20 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 192.60. The pivot point is at 194.40.
Resistance levels: 196.10 197.10 198
Support levels: 193.20 192.60 192
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