Overview:
GBP/JPY is consolidating with bullish bias. The rate is underpinned by increased investor risk appetite; positive GBP sentiment; aggressive BOJ monetary easing stance; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Tuesday; MACD is bullish, stochastic stays elevated at overbought, 5- and 15-day moving averages are rising.
Preference:
Buy above 145.8 above 145.8 with targets at 147.3 and 147.9 in extension.
Resistance levels:
R1 - 147.3
R2 - 147.9
R3 - 148.3
Alternative scenario:
Sell below 145.8. Below look for further downside with 144.85 and 144.25 as targets.
Support levels:
S1 - 144.85
S2 - 144.25
S3 - 143.75
Technical comment:
Technically, the RSI is above its neutrality area at 50.