Daily Pivots: (S1) 132.66; (P) 133.33; (R1) 134.04; More…
Intraday bias in GBP/JPY remains neutral for consolidation above 131.68 temporary low. As long as 136.34 resistance holds, further decline is still expected. On the downside, below 131.68 will extend the fall from1 39.73 to 129.27 support. Decisive break there will confirm completion of rebound from 123.94. Deeper fall would be seen to retest 123.94 low.
In the bigger picture, we’re 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.
