Bearish Forecast In GBP/JPY
Trading is neutral, as consolidation from 141.17 extends. The forecast will remain cautiously bearish as long as support turned resistance 144.02 keeps. Pivot points are at: (S1) 142.09; (P) 143.01; (R1) 143.63.
Hitting of 144.02 will suggest a near term trend reversal. Trading below 141.17 will aline key support zone 139.29/47. Stronger growth should then be seen to 55 day EMA (now at 145.08) and above.
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.