Corrective Recoil Of GBP/JPY Could Complete

Technical Reports

Trading tone is neutral for recovery. Completion of a corrective bounce from 143.18 is expected. Pivot points are at: (S1) 145.72; (P) 146.31; (R1) 146.78.

Overcoming of 143.18 will renew the drop from 153.84. While further growth is not excluded, upside should be bounded by support turned resistance 147.04. Trading below minor support 144.52 will bring retest of 143.18.

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.