06.03.201507:21 Forex Analysis & Reviews: Technical analysis of GBP/JPY for March 06, 2015

Long-term review

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Fundamental overview:
GBP/JPY is expected to consolidate with a bearish bias after hitting a monthly low of 132.12 on EBS Thursday as markets are awaiting U.S. nonfarm payrolls report. GBP/JPY is undermined by the soft EUR/USD undertone and Japan's export sales. But GBP/JPY losses are tempered by the demand from Japan's importers and improved investor risk tolerance and positions adjustment ahead of the weekend.

Technical comment:
The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at the oversold levels, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 182.050. A break of that target will move the pair further downwards to 182.10. The pivot point stands at 183.65. 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, a long position is recommended with the first target at 184.15 and the second target at 184.40.

Resistance levels:
184.05
184.40
184.75

Support levels:
182.50
182.10
181.75

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