Daily Pivots: (S1) 145.78; (P) 146.77; (R1) 147.39; More….
GBP/JPY’s sharp fall and break of 146.03 minor support signals short term topping at 147.76. The came after failing to take out 148.09/42 key resistance zone. Intraday bias is turned back to the downside for 55 day EMA (now at 143.48). Break there will target 135.58 key support level again. On the upside, though, decisive break of 148.09/42 will pave the way to long term fibonacci level at 150.43.
In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.
