Overview:
GBP/JPY is trading in lower range. The rate is undermined by negative risk sentiment after poor U.S. economic data; Japan exporter sales. But GBP/JPY losses tempered by Bank of Japan's aggressive monetary easing plans to help reach a 2% inflation target in two years; demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics has turned bearish at overbought.
Recommendation:
Sell below 150.84 with downside targets at 149.25 and 148.75.
Support levels:
S1 - 149.25
S2 - 148.75
S3 - 148.2
Alternative scenario:
Buy above 150.84 with upside targets at 151.63 and 152.15.
Resistance levels:
R1 - 151.63
R2 - 152.15
R3 - 152.5
