Overview:
GBP/JPY is trading with risks skewed lower. The rate is undermined by positions adjustment ahead of Fed Chairman Bernanke's testimony before Congress on Wednesday; euro sales from Japan exporters. But GBP/JPY losses limited by Bank of Japan's aggressive easing measures to help reach its 2% inflation target; euro demand from Japan importers. Daily chart is mixed as stochastics is bearish at overbought, MACD is turning bearish, but five-day moving average is still meandering sideways above advancing 15-day MA. 

Trading recommendations: 

The pair is trading below its pivot point. The pair is likely to trade in lower range as far as it remains below its pivot point. Short position is recommended with the first target at 155.35 in view, breach of this target will move further the pair downward and you should expect the second target at 155. Pivot point stands at 155.9. In case the price moves in opposite direction and returns from its support and moves above its pivot point then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 156.5 and the second target at 156.65.   

Resistance Levels:
R1 - 156.5
R2 - 156.65
R3 - 157

Support Levels:
S1 - 155.15
S2 - 155
S3 - 154.55