Daily Pivots: (S1) 132.47; (P) 132.90; (R1) 133.33; More…
GBP/JPY’s break of 132.17 support suggests rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Corrective rebound from 126.54 has completed with three waves up to 135.74. Intraday bias is back on the downside for retesting 126.54 low. On the upside, break of 133.35 will turn intraday bias neutral first.
In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will target 116.83 (2011 low).
