Overview:
GBP/JPY is trading with downward risks. It is undermined by negative risk sentiment, Japan exporter sales. But GBP/JPY downside movement is limited by demand from Japan importers. Daily chart is mixed as the five-day moving average is above the 15-day MA and advancing, MACD is bullish, but stochastics is turning bearish in overbought territory.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 150.65 in view. A breach of this target will move the pair downwards further and you should expect the second target at 149.85. The pivot point stands at 152.6. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in a higher range is the most favorable and positions buying is recommended above its pivot with the first target at 153.15 and the second target at 153.7.
Support Levels:
S1 - 150.65
S2 - 149.85
S3 - 149.15
Resistance Levels:
R1 - 153.15
R2 - 153.7
R3 - 154