Daily Pivots: (S1) 129.11; (P) 130.26; (R1) 130.87; More…
Intraday bias in GBP/JPY remains on the downside at this point. Corrective rebound from 123.94 should have completed at 135.74. Deeper fall should be seen to 61.8% retracement of 123.94 to 135.74 at 128.44. Firm break there will target a test on 123.94 low. On the upside, above 131.41 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.
