Daily Pivots: (S1) 135.86; (P) 136.17; (R1) 136.65; More…
GBP/JPY’s break of 136.62 resistance suggests resumption of whole rise from 131.68. There is also sign of upside acceleration too. Intraday bias is back on the upside for retesting 139.73 high. On the downside, break of 134.99 support is needed to indicate completion of the rebound from 131.68. Otherwise, further rally will remain in favor in case of retreat.
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.
