FX.co ★ GBP/JPY: Upside prevails

Overview:
GBP/JPY is consolidating with bullish bias after hitting three-year on Wednesday. The rate is buoyed by positive investor risk appetite; Bank of Japan's aggressive monetary easing plans to help reach its 2% inflation target in two years; 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 151.5 with upside targets at 153.72 and 154.75.
Resistance levels:
R1 - 153.7
R2 - 154.33
R3 - 154.75
Alternative scenario:
Sell below 151.5 with downside targets at 150.57 and 149.65.
Support levels:
S1 - 150.57
S2 - 149.65
S3 - 149.15