Overview:
The GBP/JPY is to consolidate with bullish bias after hitting three-week high. Underpinned by strong USD/JPY undertone and demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. A daily chart is positive-biased as the MACD & stochastics are bullish; five-day moving average above 15-day MA and advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a 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 152.85 and the second target at 153.5. You should keep in view short position below the pivot keep of the first target at 150.55, breach of this target will move the pair downward further and one may expect the second target at 150. The pivot point stands at 151.3.
Resistance levels:
R - 152.85
R2 - 153.5
R3 - 154
Support levels:
S1 - 150.55
S2 - 150
S3 - 149.75
