GPY/JPY is expected to range-trade. It is supported by the signs of progress in Greece's bailout negotiations and demand from Japan's importers. But GBP/JPY upside is limited by the Japanese exports.
The daily chart is mixed as the MACD and stochastics are bearish. Five and 15-day moving averages are advancing.
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 195.85 and the second target at 196.50. 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: 195.85 196.50 197.10
Support levels: 193.20 192.60 192
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