Temporary Top Was Formed in GBP/JPY
Trading is on the downside, as a temporary top was formed in the pair at 147.76. Pivot points are at: (S1) 145.78; (P) 146.77; (R1) 147.39.
Overcoming of 148.09/42 will pave the way to long term fibonacci level at 150.43. The pair can target at key support level 135.58.
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.