GBP/JPY: Consolidation Has Completed
Trading is on the downside, as decline from 149.30 continues. Consolidation from 143.18 has completed with three waves up to 149.30. Pivot points are at: (S1) 144.67; (P) 145.68; (R1) 146.35.
Overcoming of support 143.18 will widen larger fall from 156.69 to key support level at 139.29/47. Deeper fall is possible to support 143.18.
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.