Daily Pivots: (S1) 153.64; (P) 154.04; (R1) 154.54; More…
Intraday bias in GBP/JPY remains mildly on the upside at this point. Current up trend from 123.94 should target 156.69 long term resistance first. Firm break there will carry larger bullish implications. Next target will be 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61. On the downside, below 153.12 minor support will turn intraday bias neutral and bring consolidations first.
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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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.
