Overview:
GBP/JPY is consolidating in a higher range after hitting a one-month low. It is supported by positive global risk sentiment; demand from Japan importers. But GBP/JPY gains has been tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish to oversold zone.
Trading recommendation:
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 a higher range is most favorable and buying position above its pivot with the first target at 150.65 and the second target at 151 is recommended. You should keep in mind short positions below the pivot of the first target at 148.85, a breach of this target will move the pair downward further and the second target is axpected at 148.2. The pivot point stands at 149.4.
Resistance levels:
R1 - 150.65
R2 - 151
R3 - 151.6
Support levels:
S1 - 148.85
S2 - 148.2
S3 - 147.6
