Growth of GBP/JPY Extends
Trading is on the upside for further rise, as 61.8% retracement of 156.59 to 144.97 at 152.15 was already met. The pair increases to maximum 152.23. Pivot points are at: (S1) 151.06; (P) 151.59; (R1) 152.49.
Price moves from 144.97 are a 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.