The GBP/JPY Could Form a Short Term Bottom
Trading tone stays neutral, as the consolidation from 147.95 continues. Pivot points are at: (S1) 148.75; (P) 149.13; (R1) 149.63.
Break of 151.19 will point out a short term bottoming. Overcoming of 146.96 will be signal of a medium term trend reversal. Upside should be bounded by resistance 151.19. The drop from 156.69 could widen in case of overcoming of 147.95.
Trend reversal in the pair is expected. Overcoming of 156.59 will widen the growth from 122.36 to 61.8% retracement of 195.86 to 122.36 at 167.78. Decrease of the pair may prolong to 38.2% retracement of 122.36 to 156.59 at 143.51 and then to 61.8% retracement at 135.43.