The GBP/JPY Can Form a Short Term Bottom
Trading of the cross is on the downside for support 146.96, as the fall from 156.59 goes on. Pivot points are at: (S1) 148.95; (P) 149.78; (R1) 150.59.
Break of 151.19 will point out a short term bottoming. Overcoming of 146.96 will be signal of 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.