Consolidation In GBP/JPY Continues

Technical Reports

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) 141.91; (P) 142.58; (R1) 142.99.

Hitting of 144.02 will suggest a near term trend reversal. Trading below 141.17 will resume the fall from 149.70 and aline key support zone 139.29/47. Stronger growth should then be seen to 55 day EMA (now at 144.96) 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.