The GBP/JPY Could Form a Short Term Bottom
Trading is on the downside for a medium term fibonacci level 143.51, as drop from 156.59 continues. Pivot points are at: (S1) 145.07; (P) 145.75; (R1) 146.53.
Trading above minor resistance 147.47 will become neutral. Overcoming of a medium term fibonacci level 143.51 will aline support 139.29. Short term bottoming in the pair is possible.
Trend reversal in the pair is expected. The pair was rejected by 55 month EMA. Overcoming of 38.2% retracement of 122.36 to 156.59 at 143.51 will aline 61.8% retracement at 135.43 and below.