Downside of GBP/JPY Should be Limited

Trading in the pair is neutral. Pivot points are at: (S1) 146.63; (P) 147.11; (R1) 147.48.

Growth from 122.36 can renew to long term fibonacci level at 150.43 because of overcoming of key resistance 148.42. Overcoming of 147.76 will renew growth from 138.65.

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.