Overview:
GBP/JPY is trading in lower range. The rate is buoyed by positive investor risk appetite; demand from Japan importers; expectations of aggressive monetary easing from BOJ to achieve 2% inflation target. But GBP/JPY gains tempered by euro-zone worries; Japan exporter sales. Daily chart is still negative-biased as MACD and stochastics are in bearish mode; five-day moving average is below 15-day MA and falling.
Recommendation:
Sell below 143.2 with downside targets at 141.8 and 141.5.
Support levels:
S1 - 141.8
S2 - 141.5
S3 - 141
Alternative scenario:
Buy above 143.2 with upside targets at 143.9 and 144.2.
Resistance levels:
R1 - 143.9
R2 - 144.2
R3 - 144.5
