Overview:
GBP/JPY is trading in lower range. The rate is buoyed by improved risk sentiment; Bank of Japan's aggressive monetary easing plans to help reach its 2% inflation target in two years; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is mixed as stochastics is in bearish mode, but MACD is still bullish; bullish-piercing candlestick pattern was completed on Tuesday.
Recommendation:
Sell below 149.4 with downside targets at 148.49 and 147.99.
Support levels:
S1 - 148.49
S2 - 147.99
S3 - 147.65
Alternative scenario:
Buy above 149.4 with upside targets at 151.2 and 151.64.
Resistance levels:
R1 - 151.15
R2 - 151.64
R3 - 152.15