GBP/JPY Has Formed a Temporary High

Technical Reports

Trading is neutral with a temporary top at 152.23. The cross lost upside momentum after meeting 61.8% retracement of 156.59 to 144.97 at 152.15. Pivot points are at: (S1) 151.06; (P) 151.59; (R1) 152.49.

Another growth in the pair is not excluded, while minor support 148.37 keeps. Price moves from 144.97 are a corrective. Trading below minor support 148.37 will point out completion of the recoil from 144.97.

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.