Downside of GBP/JPY Should be Limited

Trading in the pair is on the downside for support 146.92. Pivot points are at: (S1) 148.79; (P) 149.17; (R1) 149.73.

Downside should be contained by support from 61.8% retracement of 139.29 to 152.82 at 144.45. Drop from 151.92 is corrective. Overcoming of resistance 149.98 will back trading to the upside for resistance zone 151.92/152.82.

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