GBP/JPY: Recovery Goes On
Trading is neutral, as a consolidation from temporary minimum 144.97 goes on. Further increase in the pair is possible. Pivot points are at: (S1) 146.08; (P) 146.86; (R1) 147.47.
Upside should be bounded below resistance 150.92. Overcoming of 144.97 will widen the drop from 156.69 to medium term fibonacci level 143.51. Short term bottoming in the pair is possible.
A medium term 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.