GBP/JPY: Bounce Extends Higher

Technical Reports

Trading is on the upside for retesting 149.70, as the bounce from 142.76 continues. Trading below minor support 145.43 will back to the downside for 142.76. Pivot points are at: (S1) 144.76; (P) 145.75; (R1) 147.48.

The pull back from 149.70 has completed. Overcoming of 149.70 will point out resumption of the rise from 139.88 and aline resistance zone 153.84/156.59.

Uptrend from 122.36 would widen beyond 156.69 high, while 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) keeps. Overcoming of 139.29/47 will indicate completion of uptrend. In that case, the cross will aline 61.8% retracement at 135.43.