GBP/JPY: Rally Is Progressing

Technical Reports

Trading is on the upside for 38.2% retracement of 156.59 to 139.88 at 146.26, as growth from 139.88 is resuming. Further growth to 149.30 is expected. Pivot points are at: (S1) 144.68; (P) 145.26; (R1) 146.01.

Overcoming 38.2% retracement of 156.59 to 139.88 at 146.26 will point out completion of the fall from 156.59 at 139.88, ahead of key support zone 139.29/47. Break of 142.58 will back trading to the downside for retesting low 139.88.

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.