The GBP/JPY Pair Recovers

Trading is neutral, as the pair recovers. Pivot points are at: (S1) 149.72; (P) 150.39; (R1) 151.60.

Overcoming of 148.88 will prolong the consolidation from 152.82. Downside should be contained by 61.8% retracement of 139.29 to 152.82 at 144.45. The pair can test maximum 152.82. Resumption of a medium term growth is awaited.

A medium term recoil from 122.36 will resume after completion of a corrective pullback from 152.82. Downtrend in the pair can renew. Overcoming of 38.2% retracement of 196.85 to 122.36 at 150.43 will target 61.8% retracement at 167.78.