Daily Pivots: (S1) 147.15; (P) 147.58; (R1) 148.22; More…
Intraday bias in GBP/JPY remains on the upside as rebound from 143.18 is in progress. 149.99 resistance is the next target and break there will pave the way to retest 153.84 high. On the downside, break of 145.82 minor support will argue that the rebound is completed and bring retest of 143.18 low.
In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
