Overview:
The GBP/JPY is to consolidate in higher range as markets await the U.S. FOMC interest rate decision. The GBP/JPY supported by positive investor risk appetite; thr Bank of Japan's aggressive easing measures to help reach its 2% inflation target; demand from Japan importers. But the EUR/JPY gains are tempered by Japan exporter sales. Daily chart mixed as MACD in bearish mode but stochastics turning neutral, inside-day-range pattern completed Tuesday.
Trading recommendations:
The pair is trading above its pivot point. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with the first target at 152.15 and the second target at 152.6. You should keep in view short position below the pivot keep of the first target at 150.35, breach of this target will move the pair downward further and expect the second target at 149.95. The pivot point stands at 150.8.
Resistance levels:
R1 - 152.15
R2 - 152.6
R3 - 153
Support levels:
S1 - 150.35
S2 - 149.95
S3 - 149.5