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Technical analysis of GBP/JPY for June 12, 2015

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GBP/JPY is expected to consolidate with risks skewed lower. It is undermined by the weak euro sentiment amid concern about Greek issue and Japan's exports. But GBP/JPY losses are tempered by the demand from Japanese importers and positions adjustment ahead of weekend.

Technical comment: The daily chart is tilting negative as stochastics is bearish at overbought levels, positive the MACD histogram bars are contracting although inside-day-range 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 192.50 and the second target at 193.30. In the alternative scenario, short positions are recommended with the first target at 190.05 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 189.10. The pivot point is at 190.75.

Resistance levels: 192.50 193.30 194

Support levels: 190.05 189.10 188.60



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