The GBP/JPY Can Form a Temporary Top

Trading is on the upside and further increase to resistance zone 148.09/42 is expected. Pivot points are at: (S1) 146.51; (P) 146.98; (R1) 147.34.

Overcoming of support 146.03 will indicate a short term top. Growth from 122.36 can widen to long term fibonacci level at 150.43.

It is awaited, that increase from medium term bottom 122.36 will continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Downside should be contained by support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39.