Consolidation In GBP/JPY Goes On

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) 141.90; (P) 142.28; (R1) 142.63.

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.