Overview:
GBP/JPY is consolidating with bullish bias after hitting three-year high. The rate is buoyed by weak yen sentiment after aggressive stimulus measures from Bank of Japan Thursday; EUR demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing.
Recommendation:
Buy above 150 with upside targets at 151.85 and 153.03.
Resistance levels:
R1 - 151.85
R2 - 153
R3 - 153.7
Alternative scenario:
Sell below 150 with downside targets at 149.15 and 147.7.
Support levels:
S1 - 149
S2 - 147.7
S3 - 147.1
