Daily Pivots: (S1) 143.11; (P) 143.61; (R1) 143.88; More…
With 142.16 minor support intact, further rise is expected in GBP/JPY, despite some loss of upside momentum. Current rally from 123.94 should target 61.8% projection of 123.94 to 142.71 from 133.03 at 144.62 first. Break will target 147.95 medium term structural resistance. On the downside, below 142.16 minor support will turn intraday bias to the downside for pull back towards channel support (now at 138.99).
In the bigger picture, rise of 123.94 is still as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.
