Neutral Trading Of GBP/JPY

Technical Reports

Trading tone remains neutral. 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) 142.64; (P) 143.45; (R1) 143.95.

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.