Overview:
GBP/JPY is consolidating with bearish bias after hitting five-week low. The rate is undermined by bleak euro-zone economic outlook; Japan exporter sales. But GBP/JPY losses tempered by expectations of monetary easing measures from BOJ at Thursday's interest rate decision; demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold; five-day moving average is below 15-day MA and declining.
Recommendation:
Sell below 141.85 with downside targets at 140.3 and 140.
S1 - 140.5
S2 - 140
S3 - 139.7
Alternative scenario:
Buy above 141.85 with upside targets at 142.4 and 143.
R1 - 142.4
R2 - 143
R3 - 143.5