Overview:
GBP/JPY is trading in higher range as markets await U.S. FOMC interest rate decision. GBP/JPY is underpinned by positive investor risk appetite; strong euro sentiment; demand from Japan importers. But EUR/JPY gains are tempered by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics have turned bullish near oversold.
Trading recommendation:
The pair is trading above its pivot point. It 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, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 149.6 and the second target at 150.65. You should keep in view short position below the pivot keep of the first target at 147.05, breach of this target will move the pair downward further and expect the second target at 146.4. The pivot point stands at 148.2.
Resistance levels:
R1 - 149.6
R2 - 150.65
R3 - 151.25
Support levels:
S1 - 147.05
S2 - 146.3
S3 - 145.75
