The GBP/JPY Stays in Consolidation

Trading in the pair is neutral, as a consolidation above temporary minimum 146.92 continues. Pivot points are at: (S1) 147.96; (P) 148.23; (R1) 148.74.

Trading below 146.92 will target 61.8% retracement of 139.29 to 152.82 at 144.45. Overcoming of support 149.73 will argue that the pull back is completed and trading will back to the upside for retesting of a maximum 152.82.

A medium term recoil from 122.36 will resume after completion of a corrective pullback from 152.82. Downtrend in the pair can renew.