Overview:
GBP/JPY is trading in lower range. The rate is undermined by trimming of short-yen exposure ahead of BOJ's monetary policy decision on Thursday; weaker risk appetite; Japan exporter sales; residual concerns over Cyprus and Italy. But GBP/JPY losses tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold; five-day moving average is below 15-day MA and declining.
Recommendation:
Sell below 141.83 with downside targets at 140.95 and 140.5.
Support levels:
S1 - 141
S2 - 140.55
S3 - 140.2
Alternative scenario:
Buy above 141.83 with upside targets at 142.5 and 142.9.
Resistance levels:
R1 - 142.5
R2 - 142.9
R3 - 143.5
The material has been provided by InstaForex Company - www.instaforex.com
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