Daily Pivots: (S1) 137.08; (P) 138.33 (R1) 139.23; More…
Intraday bias in GBP/JPY is turned neutral with today’s retreat. Another rise is expected as long as 135.95 support holds. Break of 139.73 will extend the rise from 123.94 to 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, firm break of 135.95 will indicate short term topping and turn bias to the downside for 55 day EMA (now at 134.19).
In the bigger picture, we’re still seeing price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. however, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.
