Downside of GBP/JPY Should be Contained
Stance of trading is neutral, as the pair stays in a range of 138.65/142.75. Pivot points are at: (S1) 140.05; (P) 140.90; (R1) 141.96.
Bottoming in the pair around 135.58 is possible, as decline from 148.09 can resume. Recoil is awaited. Overcoming of 142.75 will point out completion of a fall from 148.09.
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.