Fall of GBP/JPY Continues

Technical Reports

Trading is on the downside for key support level 139.29/47, as fall of the cross from 156.59 continues and reaches low 142.33. Pivot points are at: (S1) 142.35; (P) 143.32; (R1) 143.89.

Recovery should be limited by support turned resistance 145.25. Trading above minor resistance 143.26 will become neutral for consolidation.

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.