FX.co ★ GBPJPY: Range-trade

Overview:
GBP/JPY is trading in higher range. The rate is supported by Bank of Japan's aggressive monetary easing stance; positive risk sentiment; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought; five-day moving average is above 15-day MA and rising. GBP/JPY is also supported by higher U.S. Treasury yields; demand from Japan importers and investment trusts. But GBP/JPY gains tempered by Japan exporter sales.
Recommendation:
Sell below the pivot point of 143.25 with first target at 142.09 and 141.4.
Support levels:
S1 - 142.09
S2 - 141.4
S3 - 140.75
Alternative scenario:
Buy above 143.25 with upside with targets at 143.77 and 144.18.
Resistance levels:
R1 - 143.77
R2 - 144.18
R3 - 144.85