GBPJPY: Upside

Overview:
GBP/JPY is consolidating with bullish bias as markets await U.S. non-farm payrolls report. GBP/JPY is supported by positive GBP sentiment and aggressive BOJ monetary easing stance; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; subdued investor risk appetite; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastic are bullish, although latter is at overbought; five- and 15-day moving averages are rising.
Preference: 
Long positions above 144.75 with targets at 146.5 and 147.3 in extension. 
Resistance levels: 
R1 – 146.5 
R2 – 147.3 
R3 – 147.9 
Alternative scenario: 
Sell below 144.75. Below 144.75 look for further downside with 144.25 and 143.35 as targets. 
Support levels: 
S1 – 144.25 
S2 – 143.35 
S3 – 142.75 
Technical comment: 
The pair remains on the upside but should face a pull back as the RSI lacks upward momentum.

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