GBP/JPY is expected to consolidate with risks skewed higher after hitting a three-week high 136.70 on Thursday. It is supported by the positive investor risk sentiment and demand from Japan's importers. But the EUR/JPY gains are tempered by the Japanese exports and positions adjustment ahead of the weekend
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 182.30. A break of this target will move the pair further downward to 181.60. The pivot point stands at 183.60. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 182.30 and the second target at 181.60.