Overview:
GBP/JPY is trading in lower range. The rate is underpinned by weak yen sentiment; euro demand from Japan importers; BOJ's aggressive easing measures to help achieve its 2% inflation target. But GBP/JPY gains are tempered by euro sales from Japan exporters. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold.
Trading recommendations:
The pair is trading below its pivot point. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 150 in view, breach of this target will move further the pair downward and you should expect the second target at 149.15. Pivot point stands at 151.9. In case the price moves in opposite direction and returns from its support and moves above its pivot point, then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 152.5 and the second target at 153.5.
Support Levels:
S1 - 150
S2 - 149.15
S3 - 149.45
Resistance Levels:
R1 - 152.5
R2 - 153.5
R3 - 154
