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    Technical analysis of GBP/JPY for July 06, 2015

    GBPJPYM30.png

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    EUR/JPY is expected to trade with bearish bias. It is undermined by concernes about an eventual Greek exit from the eurozone after most Greeks voted "no" to creditors' demands in Sunday's referendum. But sterling sentiment soothed by stronger-than-expected UK June CIPS / Markit services PMI of 58.5 (versus forecast 57.3).

    Technical comment:

    The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

    Trading recommendations:

    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 190.05. A break of that target will move the pair further downwards to 189.35. The pivot point stands at 191.75. 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 192.35 and the second target at 192.90.

    Resistance levels: 192.35 192.90 193.50

    Support levels: 190.05 189.35 188.75


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