Retreat Of GBP/JPY

Technical Reports

Trading is neutral, as the cross retreated after hitting 147.13. Pivot points are at: (S1) 146.25; (P) 146.70; (R1) 147.09.

Overcoming of 147.13 will widen the bounce from 145.25 to resistance zone 149.30/99. Trading below 145.25 will widen the drop from 149.30 to support zone 143.18/76.

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.