GBP/JPY: Drop Is In Progress
Trading is still on the downside, as fall from 149.48 extends to low 142.83. The forecast will remain cautiously bearish even in case of recovery. Pivot points are at: (S1) 142.59; (P) 143.67; (R1) 144.51.
Overcoming of support 142.76 will extend the decline from 149.48 to key support zone 139.29/47. Hitting of resistance 145.51 will indicate a short term bottoming.
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.