GBP/JPY: Drop Is In Progress
Trading is on the downside for support zone 143.18/76. Overcoming of 143.18/76 will resume larger fall from 156.59. Pivot points are at: (S1) 145.22; (P) 145.53; (R1) 145.79.
Trading above minor resistance 146.51 will back to the upside for resistance zone 149.30/99. Deeper fall to support zone 143.18/76 is possible, considering minor resistance 146.51.
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.