Overview:gbp
GBPY/JPY--to trade with bearish bias. Underpinned by news Japan PM Abe is preparing to name ADB's Kuroda as BOJ governor; aggressive BOJ monetary easing stance; positive risk appetite; demand from Japan importers. GBP /JPY gains tempered by Japan exporter sales. Daily chart still negative-biased as MACD & stochastics in bearish mode; five-day moving average below 15-day MA and falling.
preference:
Sell below 142.9 with targets at 141.2 and 140.5 in extension.
Support Levels:
S1 - 141.2
S2 - 140.5
S3 - 139.8
Alternative scenario:
Buy above 142.9 . Above 142.9 look for further upside with 144.2 and 144.7 as targets.
Resistance Levels:
R1 - 144.2
R2 - 144.7
R3 - 145
Technical Comment:
The pair has struck against its resistance and should face further weakness as the RSI stands below its neutrality area.
