GBP/JPY: Drop is Progressing
Trading is on the downside for a medium term fibonacci level 143.51, as drop from 156.59 continues. Pivot points are at:( S1) 145.73; (P) 146.60; (R1) 147.20.
The pair has touched minimum 145.62. Trading above minor resistance 147.47 will become neutral. 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.