GBP/JPY: Recovery Was Limited
Trading is still on the downside. The cross recovered ahead of 142.76 but upside was limited below 4 hour 55 EMA. The forecast will remain cautiously bearish even in case of recovery. Pivot points are at: (S1) 143.40; (P) 143.97; (R1) 144.68.
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. Further fall is expected.
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.