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Fundamental outlook:
GBP/JPY is expected to trade in a higher range. Sterling sentiment is boosted by the stronger-than-expected +1.2% on-month, +4.7% on-year increase in UK April's retail sales (versus forecast +0.4% on-month, +3.7% on-year). It is undermined by weaker USD/JPY undertone and Japan's exports. But GBP/JPY losses are tempered by the improved investor risk appetite, demand from Japan importers, and positions adjustment ahead of the weekend.
Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.
Trading recommendations:
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 190.60 and the second target at 191.20. In the alternative scenario, short positions are recommended with the first target at 187.90 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 187.06. The pivot point is at 188.60.
Resistance levels:
190.60
191.20
191.85
Support levels:
187.90
187.06
186.35
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