Overview:
GBP/JPY is consolidating with bullish bias after hitting three-year high on Thursday. The rate is underpinned by positive investor risk appetite; Bank of Japan's aggressive monetary easing plans to help reach its a 2% inflation target in next two years; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing.
Recommendation:
Sell below 153.03 with upside targets at 151.42 and 150.37.
Support levels:
S1 - 151.42
S2 - 150.37
S3 - 149.75
Alternative scenario:
Buy above 153.03 with upside targets at 153.99 and 154.73.
Resistance levels:
R1 - 153.99
R2 - 154.73
R3 - 155.25
