Neutral Trading In GBP/JPY
Trading is neutral, as the cross recovered after hitting resistance turned support 145.67. Focus is on 145.67. Pivot points are at: (S1) 145.70; (P) 146.65; (R1) 147.23.
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 147.57 will back trading to the upside for 149.70.
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.