Downside of GBP/JPY Should be Contained
Trading in the pair is on the downside for 146.92, as the recovery from that point has completed at 151.92. Pivot points are at: (S1) 148.68; (P) 149.10; (R1) 149.52.
Downside should be contained by support from 61.8% retracement of 139.29 to 152.82 at 144.45. The pair can test maximum 152.82. Resumption of a fall from 152.82 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.