FX.co ★ GBP/JPY: Upside

Overview:
GBP/JPY is trading in higher range. The rate is supported by weak yen sentiment on Bank of Japan's aggressive easing measures to help reach its 2% inflation target in two years; demand from Japan importers. But GBP/JPY gains tempered by weak euro sentiment; Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought.

Trading recommendations:
The pair is trading above its pivot point at 151.85. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 152.2 and second target at 152.5. You should keep in view short position below the pivot keep of the first target at 150.5, breach of this target will move the pair downward further and expect the second target at 49.75. Pivot point stands at 151.05.

Resistance levels:
R1 - 152.2, R2 - 152.5, 153
Support levels:
S1 - 150.5, S2 - 149.75, 149.25