Downside Trading of GBP/JPY
Trading of the cross is on the downside, as the fall has resumed after short consolidation. Pivot points are at: (S1) 148.57; (P) 150.66; (R1) 152.42.
Running decline from a short term top 156.59 should aline support 146.96, but break of resistance 154.03 will confirm completion of the drop. Overcoming of 146.96 will point out a medium term trend reversal.
It is awaited, that growth from 122.36 will extend to 61.8% retracement of 195.86 to 122.36 at 167.78. Overcoming of support 146.96 will indicate trend reversal, and the pair will retest minimum 122.36.