Growth Resumption In GBP/JPY

Technical Reports

Trading is on the upside, as corrective pull back from 149.70 could have completed at 145.81, ahead of key support 145.67. Pivot points are at: (S1) 146.28; (P) 146.77; (R1) 147.53.

Overcoming of 145.67 will indicate completion of the recoil from 139.88. In that case, a near term forecast will be turned bearish. Hitting of of 149.70 will indicate resumption of the growth from 139.88.

It is forecast, that a medium term growth from 122.36 would extend through high 156.96. The cross has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). This forecast will stay preferred while a near term support 145.67 keeps.