FX.co ★ GBP/JPY: Upside prevails

Overview:
GBP/JPY is trading with bullish bias after hitting three-year high. The rate is buoyed by weak yen sentiment after last week's more-aggressive-than-expected monetary easing measures from Bank of Japan; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing.

Recommendation:
Buy above 150 with upside targets at 152 and 152.75.
Resistance levels:
R1 - 152
R2 - 152.6
R3 - 153
Alternative scenario:
Sell below 150 with downside targets at 149.01 and 147.92.
Support levels:
S1 - 149.01
S2 - 147.92
S3 - 147.3