Overview:
GBP/JPY is trading in a higher range. The rate is undermined by weaker euro sentiment; Japan exporter sales. But GBP/JPY losses tempered by Bank of Japan's aggressive monetary easing stance; increased investor risk appetite; demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics has turned bearish at overbought.
Recommendation:
Buy above the pivot point 143 with first target at 144.8 and second target at 145.1.
Resistance levels:
R1 - 144.8
R2 - 145.15
R3 - 145.6
Alternative scenario:
Sell below 143 with targets at 142.55 and 142.15.
Support levels:
S1 - 142.55
S2 - 142.15
S3 - 141.75
