Overview:
GBP/JPY is expected to rebound after hitting 149.9. The rate is undermined by profit-taking on yen-shorts; Japan exporter sales. But GBP/JPY losses tempered by Bank of Japan's aggressive easing measures to help reach its 2% inflation target in two years; demand from Japan importers. Daily chart is still positive-biased as MACD and stochastics are in bullish mode.
Trading recommendation:
At the best-case scenario the pair is trading is rebounding and if it continues the above mentioned behavior and is traded above its pivot point predicted, then buys with upside targets at 152.13 and 152.55 will be preferred, where Pivot point stands at 150.6. In case the price moves in opposite direction and returns from its resistance or moves below its pivot point it will be most favorably to trade in lower range and sell below the pivot point with first target at 149.62 and second target at 149.12.
Resistance levels:
R1 - 152.113, R2 - 152.5, R3 - 153
Support levels:
S1 - 149.62, S2 - 149.12, S3 - 148.6
