Overview:
GBP/JPY is trading with risks skewed higher. The rate is supported by diminished risk aversion; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales; negative euro sentiment. Daily chart is still negative-biased as MACD and stochastics are in bearish mode; five-day moving average staged bearish crossover against 15-day MA.
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 154.6 and the second target at 155. You should keep in view short position below the pivot keep of the first target at 152.65, breach of this target will move the pair downward further and one may expect the second target at 152.2. The pivot point stands at 153.15.
Resistance Levels:
R1 - 154.6
R2 - 155
R3 - 155.5
Support Levels:
S1 - 152.65
S2 - 152.2
S3 - 151.75
