Neutral Trading Of GBP/JPY
Stance of trading is still neutral, but break of 148.10 will renew the bounce from 143.18. Pivot points are at: (S1) 144.88; (P) 145.58; (R1) 146.46.
Overcoming of low 143.18 will renew larger fall from 156.59 to cluster support level 139.25/47. Trading below 144.37 will aline 143.18. Trend reversal is not excluded.
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.