GBP/JPY to consolidate with bullish bias. Underpinned by positive risk sentiment; demand from Japan importers. But EUR/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart positive-biased as MACD and stochastics in bullish mode.
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot, with the first target at 154.6 and the second target at 155.3. You should keep in view short position below the pivot keeps the first target at 152.55, breach of this target will move the pair downward further and one may expect the second target at 152. The pivot point stands at 153.
S1 - 152.55
S2 - 152
S3 - 151.3
R1 - 154.6
R2 - 155.3
R3 - 155.7
The material has been provided by InstaForex Company - www.instaforex.com