FX.co ★ GBP/JPY: Consolidation

Overview:
GBP/JPY is consolidating as markets await BOJ and ECB interest rate decisions. GBP/JPY is underpinned by expectations of more quantitative easing from BOJ in coming months to achieve 2% inflation target; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; weak euro sentiment. Daily chart is mixed as MACD is bearish; but stochastics is in bullish mode.
Recommendation:
Buy above the pivot point of 140.5 with first target at 142.49 and second target at 142.9.
Resistance levels:
R1 - 142.49
R2 - 142.9
R3 - 143.25
Alternative scenario:
Sell below 140.5 for further downside with targets at 140.15 and 139.7.
Support levels:
S1 - 140.15
S2 - 139.7
S3 - 139.35