Daily Pivots: (S1) 136.65; (P) 137.79; (R1) 139.80; More…
GBP/JPY’s rise from 133.03 is still in progress. Intraday bias stays on the upside for 161.8% projection of 133.03 to 137.83 from 134.40 at 142.16, which is close to 142.71 high. On the downside, firm break of 137.83 resistance turned support is now needed to indicate completion of the rebound. Otherwise, further rise will remain in favor even in case of retreat.
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.
