Sharp Fall In GBP/JPY

Technical Reports

Stance of trading is neutral, as the cross fell after hitting 148.10. Pivot points are at: (S1) 146.71; (P) 147.42; (R1) 147.94.

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. Another growth is not ruled out, while minor support 145.82 keeps.

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.