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    Technical analysis of GBP/JPY for June 05, 2015


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    Fundamental outlook: GBP/JPY is expected to consolidate in a higher range as markets are awaiting the US non-farm payrolls report. GBP/JPY is undermined by weaker GBP sentiment on the back of mounting concern over Greece, increased risk aversion, and Japan's exports. But GBP/JPY losses are tempered by the demand from Japanese importers and positions adjustment ahead of the weekend.

    Technical comment: The daily chart is mixed as the MACD is bullish but stochastics is turning bearish at overbought levels, bearish shooting-star candlestick pattern was completed on Thursday.

    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 191.70 and the second target at 192. In the alternative scenario, short positions are recommended with the first target at 189.70 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 190.15.

    Resistance levels: 191.70 192 192.35

    Support levels: 189.70 189.10 188.60

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