Daily Pivots: (S1) 151.31; (P) 151.86; (R1) 152.42; More…
Further is mildly in favor in GBP/JPY with 150.98 minor support intact. Correction from 153.39 should have completed with three waves down to 149.03. Retest of 153.39 should be seen next and firm break there will resume larger up trend. On the downside, below 150.98 minor support will delay the bullish case and turn bias neutral again.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 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.
