Daily Pivots: (S1) 133.26; (P) 133.75; (R1) 134.54; More…
GBP/JPY’s break of 133.98 minor resistance suggests short term bottoming at 131.68. Intraday bias is turned back to the upside for 136.34 resistance first. Break there should confirm completion of the decline from 139.73 and bring retest of this high. Though, break of 131.95 will resume the fall from 139.73 to 129.27 support.
In the bigger picture, we’re seeing price actions from 122.75 (2016 low) 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.
