Daily Pivots: (S1) 148.08; (P) 149.27; (R1) 150.05; More…
Intraday bias in GBP/JPY is turned neutral with current deep retreat. Some consolidations could be seen below 150.39 temporary top. Further rise is still expected as long as 127.48 resistance turned support holds. Break of 129.96 will target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next.
In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). With 147.95 resistance taken out, further rally would now be seen to 156.59 resistance (2018 high), Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.
