FX.co ★ GBPJPY: Upside

Overview:
GBP/JPY is trading in higher range. The rate is underpinned by positive global risk sentiment; expectations of aggressive monetary easing from Bank of Japan to achieve 2% inflation target; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is positive-biased as MACD is bullish, while stochastics stays elevated at overbought, and five-day moving average is above 15-day MA and rising.
Recommendation:
Buy above 144.25 with targets at 145.85 and 146.5.
Resistance levels:
R1 - 145.95
R2 - 146.40
R3 - 146.75
Alternative scenario:
Sell below 144.25 look for downside targets at 143.55 and 143.
Support levels:
S1 - 143.5
S2 - 143.05
S3 - 142.65