GBP/JPY: Recovery Extends

Technical Reports

Trading is neutral for consolidation above temporary low 142.83. The forecast will remain cautiously bearish as long as resistance 145.83 keeps. Pivot points are at: (S1) 143.10; (P) 143.65; (R1) 144.08.

Overcoming of support 142.76 will extend the decline from 149.48 to key support zone 139.29/47.

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.