GBPJPY TECHNICAL ANALYSIS

GBPJPY pair trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 172.90 and the second target at 173.60. Price actions from 174.84 are viewed as a consolidation pattern with rebound from 163.87 as the second leg. Rise from 163.87 could extend beyond 173.60 . below 166.30 will indicate that the third leg as started and will target 164.80 low. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170. A breach of this target will push the pair further downwards and one may expect the second target 169.70.In the bigger picture, the up trend from 116.83 (2011 low) might still extend to above 174.84 till 189-190 area.  Nonetheless, upside momentum is rather unconvincing as seen in weekly . Thus, even in that case, expect strong resistance from 50% retracement retracement of 251.09 to 116.83 at 183.96 to limit upside. Meanwhile, sustained break of 164.80 support should confirm medium term topping at 174.84 and bring deeper decline to 150.90 support zone. Resistance levels: 173.60, 174.90Support levels: 169, key level at 164.80 166.30

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