FX.co ★ GBP/JPY: Upside

Overview:
GBP/JPY is to trade with a bullish bias as markets await EU's decision on bailout for Cyprus. GBP/JPY is undermined by unwinding of short yen positions and Japan's exporters' sales. But EUR/JPY losses are tempered by demand from Japan's importers and expectations of aggressive monetary easing from the BoJ in coming months to achieve a 2% inflation target. The daily chart is negatively biased as MACD & Stochastics are in a bearish mode; five-day moving average is below 15-day MA and falling; there is also a bearish parabolic stop-and-reverse signal.
Recommendation:
Buy above 143.45 with upside targets at 145.25 and 145.95.
Resistance levels:
R1 - 145.25
R2 - 145.95
R3 - 146.35
Alternative scenario:
Sell below 143.45 with downside targets at 143.02 and 142.4.
Support levels:
S1 - 143.02
S2 - 142.4
S3 - 142