The GBP/JPY Stays in Consolidation

Trading in the pair is neutral, as the consolidation below short term top 152.82 goes on. Pivot points are at: (S1) 150.14; (P) 150.71; (R1) 151.21.

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 above support 146.57.

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