GBP/JPY: Another Growth Is Expected
Trading tone is neutral. A temporary top was formed at 145.67. Another growth is expected, while minor support 142.81 keeps. Pivot points are at: (S1) 143.41; (P) 144.05; (R1) 144.61.
Overcoming of trend line resistance (now at 146.99) will be a signal of bullish trend reversal. In that case, the cross will aline resistance 149.30. Hitting of 142.81 will point out completion of the bounce from 139.88. In that case, trading will back to the downside for key support zone 139.29/47.
Fall from 156.59 is a corrective. Recoil from 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) will indicate that growth from 122.36 continues through high 156.59. Overcoming of 139.29/47 will point out a medium term trend reversal and send the cross to retest low 122.26.