The GBP/JPY Has Formed a Temporary Top

Technical Reports

Trading is neutral, as the pair has formed a temporary top at 152.93. Pivot points are at: (S1) 150.62; (P) 151.21; (R1) 151.91.

Overcoming of 152.93 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.