GBP/JPY is expected to consolidate with bullish bias. The pair is supported by the reduced worries about Greece. But GBP/USD losses are tempered by the hawkish monetary policy stance of the Bank of England and diminished investor risk aversion.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish. Five and 15-day moving averages are declining.

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 194 and the second target at 194.70. In the alternative scenario, short positions are recommended with the first target at 191.50 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 190.65. The pivot point is at 192.35.

Resistance levels: 194 194.70 195.50

Support levels: 191.50 190.65 190