Consolidation in GBP/JPY Can Extend
Trading is neutral, as the recovery from 146.92 resumed. Pivot points are at: (S1) 150.73; (P) 151.32; (R1) 151.84.
The consolidation from 152.82 can prolong. Overcoming of 148.88 will back trading to the downside through 146.92 to 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.