Daily Pivots: (S1) 135.57; (P) 136.01; (R1) 136.33; More…
GBP/JPY’s rise lost momentum after hitting 136.43 and intraday bias is turned neutral first. Further rise will remain in favor as long as 134.12 support holds. Break of 136.43 will resume the rebound from 131.68 to retest 139.73 high. However, firm break of 134.12 will suggest completion of the rebound and turn bias back to the downside.
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.
