Overview:
GBP/JPY is trading in higher range. The rate is supported by positive global risk sentiment; Bank of Japan's aggressive easing measures to help reach its 2% inflation target; buy-euro orders from Japan importers. But GBP/JPY gains tempered by sell-GBP orders from Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.
Trading recommendations:
The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favourably to trade in higher range and buy position is recommended above its pivot with the first target at 154.8 and the second target at 155.3. You should keep in view short position below the pivot keep of the first target at 153.2, breach of this target will move the pair downward further and expect the second target at 152.6. The pivot point stands at 153.7.
Resistance levels:
R1 - 154.8
R2 - 155.3
R3 - 155.8
Support levels:
S1 - 153.2
S2 - 152.6
S3 - 152.25
