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 Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought; five- and 15-day moving averages are rising.
Trading recommendations:
The pair is trading above its pivot point at 153.52. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the 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 153.9 and second target at 154.5. You should keep in view short position below the pivot keep of the first target at 151, breach of this target will move the pair downward further and expect the second target at 150.55. Pivot point stands at 152.
Resistance levels:
R1 - 153.9 , R2 - 154.5, R3 - 155
Support levels:
S1 - 151, S2 - 150.55, S3 - 150.1
The material has been provided by InstaForex Company - www.instaforex.com
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