Downside of GBP/JPY Should be Limited

Trading in the pair is neutral, as the correction from 152.82 goes on. Pivot points are at: (S1) 150.48; (P) 151.04; (R1) 151.56.

Deeper decline in the pair is possible. Overcoming of 152.82 will prolong the growth from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39. Downside should be contained by 38.2% retracement of 141.17 to 152.82 at 148.36.

A medium term recoil from 122.36 continues. The pair’s forecast will stay bullish while support 139.29 keeps.