GBP/JPY: Correction Extends
Trading is neutral, as the correction from 144.97 goes on. Further increase in the pair is possible. Pivot points are at: (S1) 147.51; (P) 147.86; (R1) 148.30.
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.
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.