Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. Sterling sentiment boosted by stronger-than-expected 0.8% on-month and 4.3% on-year increase in U.K. October retail sales (versus forecast +0.3% on-month, +3.8% on-year). It is supported by the soft yen sentiment and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales, weaker euro sentiment after disappointing Markit flash eurozone November PMIs and profit-taking on short-yen positions ahead of a long weekend in Japan.

Technical comment:
Daily chart is mixed as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing but bearish shooting-star candlestick pattern was completed on Thursday.

Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 186.15 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 183.35. A break of this target would push the pair further downwards and one may expect the second target at 182.80. The pivot point is at 184.15.

Resistance levels:
186.15
187
187.75
Support levels:
183.35
182.80
182.35