Range Trading In GBP/JPY

Technical Reports

Stance of trading is neutral, as the pair is staying in a recent range. Overcoming of resistance 148.10 will point out a near term trend reversal. Pivot points are at: (S1) 145.11 (P) 145.81; (R1) 146.43.

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. Further growth is expected to resistance 149.99.

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.