Decline of GBP/JPY Should be Limited
Trading in the pair is on the downside for support 146.92 and below. Corrective decline from 151.92 is extending. Pivot points are at: (S1) 148.46; (P) 149.08; (R1) 149.76.
Downside should be contained by support from 61.8% retracement of 139.29 to 152.82 at 144.45. Trading above 150.31 will back to the upside to 151.92.
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.