GBP/JPY: Growth Reaches Maximum
Trading is on the upside for testing of a maximum 156.59. The pair’s growth from 144.97 continues and reaches maximum 153.56. Pivot points are at: (S1) 151.62; (P) 152.25; (R1) 153.33.
Another growth in the pair is not excluded, while 150.58 resistance turned support keeps. Price moves from 144.97 are a corrective. Trading below minor support 152.23 will become neutral.
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.