Medium Term Growth Resumption in GBP/JPY is Expected

Trading in the pair is on the upside for retesting 153.39, as a pull back from 153.39 might be finished at 149.40. Pivot points are at: (S1) 151.11; (P) 151.56; (R1) 152.09.

Resumption of a medium term increase ia awaited. Support from 146.96 should bring a recoil. The correction from 153.39 will extend in case of overcoming of minor support 150.36.

A medium term growth from 122.36 is resuming to 61.8% retracement of 195.86 to 122.36 at 167.78. Downtrend in the pair can renew after forming minimum below 122.26. Overcoming of support 146.96 will indicate trend reversal.