GBP/JPY: Recoil Resumption Is Expected
Stance of trading is still neutral, as the cross is staying in a range below minor resistance 148.10. Pivot points are at: (S1) 146.38; (P) 147.12; (R1) 147.98.
Overcoming of minor support 145.82 will point out completion of the recoil and bring retest of a minimum 143.18. Trading above 148.10 will point out resumption of a bounce from 143.18. In that case, the cross will aline 149.99, and then resistance 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.