FX.co ★ Technical analysis of GBP/JPY for April 17, 2015

Fundamental overview: 
GBP/JPY is expected to consolidate with bullish bias. It is underpinned by the firmer GBP/USD undertone and demand from the Japan importers. But GBP/JPY gains are tempered by the Japanese exporter sales, concerns about possible Greek default and positions adjustment ahead of the weekend.  

Technical comment: 
The daily chart is mixed as stochastics is bullish, but the MACD is in bearish mode. 

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. Until the price holds above its pivot point, long positions are recommended with the first target at 178.40 and the second target at 179.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 176.50. A break of this target is likely to push the pair further downwards, and one may expect the second target at 176.05. The pivot point is at 177.30.

Resistance levels: 
178.40
179.10
179.65 
Support levels: 
176.50
176.05
175.45