Range Trading Of GBP/JPY
Trading tone is still neutral for consolidation from a temporary low 147.04. The pair is also limited in a range of 147.04/149.29. Pivot points are at: (S1) 148.03; (P) 148.55; (R1) 149.15
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.