Strong Bounce In GBP/JPY
Trading tone remains neutral, as the cross is staying below resistance 145.67, despite the current strong bounce. Further rise is possible to resistance 149.30. Trading below 142.58 will back to the downside for retesting low 139.88. Pivot points are at: (S1) 143.54; (P) 144.29; (R1) 145.49.
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.