Daily Pivots: (S1) 136.83; (P) 138.43; (R1) 139.23; More…
Intraday bias in GBP/JPY remains on the downside at this point. Current decline from 142.71 should target 38.2% retracement of 123.94 to 142.71 at 135.53. Reactions from there would decide whether whole rise from 123.94 has completed. On the upside, above 138.38 minor resistance will turn intraday bias neutral first.
In the bigger picture, rise from 123.94 is still 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.
