GBP/JPY: Trend Reversal Is Not Excluded
Stance of trading is neutral. Overcoming of resistance 148.10 will point out a near term trend reversal. Pivot points are at: (S1) 143.96; (P) 144.33; (R1) 144.86.
Overcoming of low 143.18 will renew larger fall from 156.59 to cluster support level 139.25/47. Trading above minor resistance 146.63 will aline 148.10.
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.