GBP/JPY Recovers After Decline
Trading is neutral for recovery with focus on minor resistance 146.51. Pivot points are at: (S1) 145.52; (P) 145.73; (R1) 146.08.
Trading below 145.25 will aline support zone 143.18/76. Overcoming of minor resistance 146.51 will point out completion of a pull back from 149.30. In that case, trading will back to the upside for 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.