GBP/JPY: Price Moves Are Seen as a Correction
Trading is on the upside for 61.8% retracement of 156.59 to 144.97 at 152.15. The pair approaches maximum 156.59. Pivot points are at: (S1) 150.39; (P) 150.94; (R1) 151.39.
Price moves from 144.97 are corrective. Overcoming of 150.92 will point out a near term trend reversal and trading will become neutral. Trading below minor support 148.37 will point out completion of the recoil.
It is expected, that the cross will turn into a sideway pattern between 143.51 and 156.59. The GBP/JPY was rejected by 55 month EMA (now at 154.20) after overcoming it. Meanwhile, there was no sustainable selling pushing it through 38.2% retracement of 122.36 to 156.59 at 143.51.