Growth Resumption in GBP/JPY is Expected
Trading of the cross rate stays on the downside for support 146.92. Price moves from 152.82 are a corrective. Pivot points are at: (S1) 147.35; (P) 148.31; (R1) 149.65.
Downside should be contained by 50% retracement of 139.29 to 152.82 at 146.05. Overcoming of resistance 151.92 will renew growth from 139.29 through maximum 152.82. Uptrend resumption is expected in the pair.
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.