Further Growth in GBP/JPY is Expected
Character of trading is neutral. The pair lost upside momentum after reaching resistance 152.82. Pivot points are at: (S1) 150.23; (P) 151.35; (R1) 152.16.
Further increase is awaited, considering minor support 150.57. Overcoming of 152.82 will renew a medium term growth to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32.
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.