Daily Pivots: (S1) 138.20; (P) 138.42; (R1) 138.74; More…
Intraday bias in GBP/JPY remains neutral at this point. With 136.62 resistance turned support intact, further rally is mildly in favor. On the upside, firm break of 139.73 will resume whole rise from 123.94. Next target will be 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, firm break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.
In the bigger picture, rise from 123.94 is currently seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). 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.
