Neutral Trading In GBP/JPY
Trading tone is neutral for recovery from 143.18. Further consolidation is expected. Pivot points are at: (S1) 144.99; (P) 145.70; (R1) 146.92.
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.