Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the increased risks of the Greek default, Japan's exports, and the worries that no clear winner would emerge in the UK general election on May 7. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish 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. As long as the price holds above its pivot point, long positions are recommended with the first target at 180.70 and the second target at 181.20. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 178.5. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.50. The pivot point is at 178.45.

Resistance levels:
180.70
181.20
181.65
Support levels:
178.05
177.55
177