Recoil in GBP/JPY is Possible

Stance of trading is neutral. Recovery of the pair was limited below minor resistance 142.75.

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.

Decline from 195.86 to 122.36 has not completed yet. Overcoming of minimum 116.83 is possible.