Upside Momentum In GBP/JPY Is Unconvincing
Trading remains neutral, despite the recoil from 143.76 has resumed. As upside impulse is unconvincing, upside is limited below resistance 148.10. Overcoming of resistance 148.10 will point out a near term trend reversal. Pivot points are at: (S1) 146.87; (P) 147.33; (R1) 147.85.
Overcoming of low 143.17 will renew larger fall from 156.59. Further growth is expected to resistance 149.99. Overcoming of 145.17 will point out completion of bounce from 143.76. In that case, trading will back to the downside for retesting low 143.17.
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.