Daily Pivots: (S1) 146.38; (P) 146.75; (R1) 147.45; More…
GBP/JPY’s rebound from 143.18 extended higher and break of 147.04 support turned resistance suggests that fall from 153.84 has completed at 143.18 already. Intraday bias is on the upside for 149.99 resistance first. Break will target 153.84 key near term resistance next. On the downside, break of 145.82 minor support will argue that the rebound is completed and bring retest of 143.18 low.
In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
