Retreat In GBP/JPY

Technical Reports

Trading tone is neutral, as the cross retreated after failing to take out 145.67. Further increase is possible to resistance 149.30. Hitting of 142.58 will turn focus back to minimum 139.88. Pivot points are at: (S1) 142.75; (P) 143.86; (R1) 145.06.

Overcoming of 145.67 will aline 38.2% retracement of 156.59 to 139.88 at 146.26. Break of that zone will point out completion of the fall from 156.59 at 139.88, ahead of 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.