Overview:
GBP/JPY is trading in lower range. The rate is supported by demand from Japan importers. But GBP/JPY upside is limited by Japan exporter sales; caution ahead of Friday's U.S. July Non-Farm Payrolls jobs report. Daily chart is still negative-biased as MACD and stochastics are bearish; five-day moving average is falling below 15-day MA.
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 148.2 in view, breach of this target will move further the pair downward and you should expect the second target at 147.5. Pivot point stands at 149.65. 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 150.5 and the second target at 151.25.
Support levels:
S1 - 148.2
S2 - 147.5
S3 - 147
Resistance levels:
R1 - 150.5
R2 - 151.25
R3 - 152
