GBP/JPY: Corrective Growth Could Extend

Technical Reports

Trading is on the upside, and further corrective increase from 147.04 is not excluded. Pivot points are at: (S1) 149.05; (P) 149.44; (R1) 150.12.

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 148.16 will renew the fall from 153.84 through 147.04 to minimum 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.