Daily Pivots: (S1) 147.06; (P) 147.60; (R1) 148.40; More…
GBP/JPY’s break of 148.10 resistance indicates resumption of rebound from 143.18. Intraday bias is back on the upside for 149.99 resistance. Current development argues that the decline from 156.59 has reversed. Break of 149.99 will affirm this case and target 153.84 resistance next. On the downside, though, below 146.79 minor support will mix up the near term outlook again and turn bias neutral.
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.
