GBP/JPY: Downside Trading Continues

Technical Reports

Trading is on the downside for key support 143.18. Fall of the cross reaches low 143.15. The forecast will remain bearish while resistance 147.13 keeps. Pivot points are at: (S1) 143.79; (P) 144.12; (R1) 144.42.

Overcoming of support 143.18 will widen larger fall from 156.69 to key support level 139.29/47. Trading above minor resistance 144.26 will become neutral.

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.