Trend Reversal in GBP/JPY is Awaited

Technical Reports

Stance of trading is neutral, as the pair stays below resistance 142.75. Pivot points are at: (S1) 141.46; (P) 141.89; (R1) 142.48.

Bottoming in the pair around 135.58 is possible. Decline from 148.09 can resume. Trading in the pair can back to the upside for resistance 148.09. Overcoming of resistance 142.75 will point out trend reversal.

Deeper fall in the pair is possible, but downside should be contained by support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39. Resumption of a growth from minimum 122.36 and retesting of that level are awaited. Trend reversal in the pair is possible.