Recoil Of GBP/JPY Is Progressing
Trading stays on the upside for resistance 149.99, as the bounce from 143.18 goes on. Pivot points are at: (S1) 147.15; (P) 147.58; (R1) 148.22.
Overcoming of minor support 145.82 will point out completion of the recoil and bring retest of a minimum 143.18. Break of resistance 149.99 will bring retesting of a maximum 153.84.
Fall from 156.59 is a corrective. 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 153.84 will point out completion of a correction and aline 156.59. A medium term uptrend resumption is awaited.