GBP/JPY: Recovery Is In Store

Technical Reports

Trading is on the downside for support 148.37, as the corrective fall from 153.84 continues and could widen to minimum 144.97. Pivot points are at: (S1) 147.39; (P) 148.42; (R1) 149.26.

Trading above minor resistance 149.45 will become neutral for consolidation, but upside should be bounded below resistance 152.71. Overcoming of minimum 144.97 will align fibonacci level 143.51.

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.