Overview:

GBP/JPY is expected to consolidate with bullish bias. It is undermined by the increased investor risk aversion and Japan's exports sales. But EUR/JPY losses are tempered by the demand from the Japanese importers and loose Bank of Japan monetary policy. Daily chart is negative-biased as MACD and stochastics is bearish, 5-day moving average is below 15-day MA and still declining.

Trading recommendation:
The pair is 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 170.10 and the second target at 170.5. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 168.30. A breach of this target will push the pair further downwards and one may expect the second target at 168. The pivot point is at 169.20.

Resistance levels:
170.10
170.5
180

Support levels:
168.30
168
167.70