Overview:
GBP/JPY is to consolidate with bullish bias as markets await U.S. non-farm payrolls report. GBP/JPY supported by improved euro sentiment, positive investor risk appetite, expectations of more monetary easing measures from Bank of Japan in coming months, demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales, positions adjustment before weekend. Daily chart positive-biased as stochastics is bullish, negative MACD histogram bars is contracting, bullish parabolic stop-and-reverse signal hit 122.73 Thursday, five-day moving average is staging bullish crossover against 15-day MA
Recommendation:
Buy above the pivot point 142.5 with first target at 144.57 and second target at 145
R1 - 144.57
R2 - 145
R3 - 145.75
Alternative scenario:
Sell below 142.5 with tagets at 142.15 and 141.45.
Support Levels:
S1 - 142.02
S2 - 141.4
S3 - 141
Technical Comment:
RSI still showing upward movement and is well directed. Stochastics is also bullish.
