GBP/JPY is expected to consolidate with a bearish bias. It is supported by buoyant EUR/USD undertone and demand from Japan's importers. But GBP/JPY upside is limited by the Japanese exports and positions adjustment ahead the weekend.
The daily chart is still negative-biased as the MACD and stochastics are in bearish mode, five-day moving average is below 15-day moving average and is declining.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 193.80. A break of that target will move the pair further downwards to 193.45. The pivot point stands at 194.75. 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, long positions are recommended with the first target at 195 and the second target at 195.50.
Resistance levels: 195 195.50 196.25
Support levels: 193.80 193.45 192.75