Overview:
GBP/JPY is consolidating with bullish bias as markets await U.S. non-farm payrolls report. GBP/JPY is supported by positive GBP sentiment and aggressive BOJ monetary easing stance; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; subdued investor risk appetite; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastic are bullish, although latter is at overbought; five- and 15-day moving averages are rising.
Preference:
Long positions above 144.75 with targets at 146.5 and 147.3 in extension.
Resistance levels:
R1 - 146.5
R2 - 147.3
R3 - 147.9
Alternative scenario:
Sell below 144.75. Below 144.75 look for further downside with 144.25 and 143.35 as targets.
Support levels:
S1 - 144.25
S2 - 143.35
S3 - 142.75
Technical comment:
The pair remains on the upside but should face a pull back as the RSI lacks upward momentum.
