GBP/JPY Remains In Consolidation

Technical Reports

Trading is neutral, as the cross is staying in consolidation above temporary low 144.02. Another fall is expected, while resistance 145.99 keeps. A near term forecast will be neutral while key resistance 149.70 keeps. Pivot points are at: (S1) 144.50; (P) 145.22; (R1) 146.18.

Overcoming of minor resistance 145.99 should bring stronger bounce. Break of 144.02 will aline support 142.76. Deeper fall to key support zone 139.29/47 is not excluded.

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.