Upside of GBP/JPY Should be Bounded

Technical Reports

Trading tone is still neutral, as a corrective recoil from 144.97 goes on and might prolong. Pivot points are at: (S1) 149.99; (P) 150.34; (R1) 150.71.

Upside should be bounded by resistance from 150.92 and bring drop resumption. Overcoming of 150.92 will point out a near term trend reversal and bring retesting of a maximum 156.69. Trading below minor support 148.37 will bring retest of a minimum 144.97.

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.