GBP/JPY: Recovery Is Expected
Trading is on the downside for support 148.37, as the corrective fall from 153.84 continues. Pivot points are at: (S1) 148.93; (P) 149.78; (R1) 150.42.
Overcoming of resistance 152.71 will point out completion of the fall. Break of 148.37 will aline 144.97. A near term forecast will stay bearish in case of recovery. Trading above minor support 150.62 will become neutral for consolidation.
Price moves from 156.59 are a corrective. Another drop for 38.2% retracement of 122.36 to 156.59 at 143.51 is awaited before consolidation completion. Overcoming of 156.59 will renew uptrend from 122.36 to 50% retracement of 195.86 to 122.36 at 159.11.