GBP/JPY Has Formed a Temporary Low

Technical Reports

Trading is neutral for consolidation, as a temporary low should be formed at 143.18. Pivot points are at: (S1) 143.80; (P) 144.44; (R1) 145.28.

Overcoming of 143.18 will widen the drop from 159.59 to 100% projection of 156.59 to 144.97 from 153.84 at 142.22. While further growth is not excluded, upside should be bounded by support turned resistance 147.04.

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.