FX.co ★ GBP/JPY: Upside

Overview:
GBP/JPY is trading with bullish bias. The rate is buoyed by stronger investor risk appetite; euro demand from Japan importers; BOJ's aggressive easing measures to help achieve its 2% inflation target. But GBP/JPY gains are tempered by euro sales from Japan exporters. Daily chart is mixed as MACD is bearish, but stochastics have turned bullish at oversold.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in the higher range as far as it remains above its pivot point. While the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 153.75 and the second target at 154.2. You should keep in view short position below the pivot keep of the first target at 151.35, the breach of this target will move the pair downward further and expect the second target at 150.75. The pivot point stands at 151.95.

Resistance Levels:
R1 - 153.75
R2 - 154.2
R3 - 154.6

Support Levels:
S1 - 151.35
S2 - 150.75
S3 - 150.25