Bounce Of GBP/JPY Continues

Technical Reports

Trading is on the upside, as the bounce from 143.76 goes on and reaches maximum 147.27. Overcoming of resistance 148.10 will point out a near term trend reversal. Pivot points are at: (S1) 146.33; (P) 146.56; (R1) 147.03.

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.