Daily Pivots: (S1) 147.05; (P) 147.65; (R1) 148.31; More…
Intraday bias in GBP/JPY remains on the upside at this point. Current rally from 131.51 should target 149.48 resistance next. Decisive break there will pave the way to 156.95 key resistance next. On the downside, below 146.98 minor support will turn intraday bias neutral for consolidation first. In case of deeper pull back, downside should be contained by 141.00/144.84 support zone to bring rally resumption.
In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline in turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.48 will pave the way to 156.59 resistance and above.
