Daily Pivots: (S1) 135.97; (P) 136.87; (R1) 137.37; More…
GBP/JPY’s break of 135.87 support suggests that corrective rebound from 133.03 has completed at 137.83 already. Intraday bias is turned back to the downside for 133.03 first. Break there will resume the decline form 142.71 to 61.8% retracement of 123.94 to 142.71 at 131.11 next. On the upside, above 137.83 will turn bias back to the upside for retesting 142.71 high instead.
In the bigger picture, rise from 123.94 is seen only 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.
