Daily Pivots: (S1) 131.82; (P) 133.19; (R1) 135.65; More…
GBP/JPY’s rally accelerates to as high as 137.46 so far. Break of 135.74 resistance confirms resumption of whole rise from 126.54 low. Intraday bias stays on the upside for 61.8% retracement of 148.84 to 126.54 at 140.33. On the downside, below 134.55 minor support 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)..
