Overview:
GBP/JPY is to trade in a lower range, undermined by comment from G-7 official that the group is concerned about Japan's unilateral guidance on the yen and Japan's export sales. But GBP/JPY losses are tempered by improved euro sentiment after G-7 pledged not to engage in currency devaluations, as well as demand from Japan importers and investment trusts. Daily chart is mixed as stochastics stays elevated at overbought position, but MACD is bearish.
Preference:
Sell below 146.65 with targets at 144.85 and 144.15 in extension.
Support Levels:
S1 - 144.85
S2 - 144.15
S3 - 143. 65
Alternative scenario:
Buy above 146.65. Above 146.65 look for further upside with 147.3 and 147.9 as targets.
Resistance Levels:
R1 - 147.3
R2 - 147.9
R3 - 148.5
Technical Comment:
The break below 146.65 is a negative signal that openes a path to 144.85.
