FX.co ★ GBP/JPY: Upside (Aug 15, 2013)

Overview:
GBP/JPY is trading in higher range. The rate is undermined by negative risk sentiment; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is mixed as stochastics is in bullish mode, but MACD is still bearish.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as 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 and the second target at 153.3. You should keep in view short position below the pivot keeps the first target at 151.15, breach of this target will move the pair downward further and one may expect the second target at 150.6. The pivot point stands at 151.45.

Resistance levels:
R1 - 153
R2 - 153.3
R3 - 153.6

Support levels:
S1 - 151.15
S2 - 150.6
S3 - 150.25