Upside Of GBP/JPY Should Be Bounded
Trading tone is still neutral for consolidation, as a temporary low was formed at 147.04. Pivot points are at: (S1) 147.82; (P) 148.51; (R1) 149.32.
Upside should be bounded below resistance 150.60. Overcoming of minimum 144.97 will renew the drop from 156.59 to 100% projection of 156.59 to 144.97 from 153.84 at 142.22. Trading below 147.04 will aline 144.97.
Price moves from 156.59 are a corrective. Growth from 122.36 could widen. While another drop is not ruled out, downside should be restrained by strong support above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Overcoming of 139.29 will point out trend reversal.