Daily Pivots: (S1) 142.85; (P) 144.48; (R1) 145.34; More….
Intraday bias in GBP/JPY is turned neutral as it drew support from 38.2% retracement of 135.58 to 148.09 at 143.31 and recovers. Overall, we’d still expect the rise from 122.36 to resume after pull back from 148.09 completes. Above 145.78 minor resistance will turn bias to the upside for 148.09. Break there will target 150.42 long term fibonacci level. Nonetheless, break of 143.34 will extend the pull back to 61.8% retracement at 140.35.
In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.
