Daily Pivots: (S1) 154.04; (P) 155.06; (R1) 155.70; More…
With 153.66 support intact, further rally is expected in GBP/JPY. Next target is 100% projection of 139.29 to 152.82 from 146.96 at 160.49. However, break of 1.5366 will indicate short term topping and turn bias back to the downside for 150.18 support.
In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.
