Decrease of GBP/JPY Extends
Trading is on the downside as drop from 156.59 continues. Pivot points are at: (S1) 145.82; (P) 147.67; (R1) 148.62.
Break of resistance 150.92 will point out a short term bottoming. Overcoming of 146.96 will be a signal of a medium term trend reversal.
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.