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Technical analysis of GBP/JPY for June 22, 2015

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GBP/JPY is expected to consolidate with bullish bias. It is supported by the hopes that new proposals which Greek officials presents to creditors in Brussels will be accepted and on demand from Japanese importers. But GBP/JPY upside is limited by the Japan's exports.

Technical comment:

Daily chart is mixed as the MACD and stochastics are bearish but five-day moving average is meandering sideways.

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 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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