Daily Pivots: (S1) 132.21; (P) 132.70; (R1) 132.94; More…
Intraday bias in GBP/JPY remains neutral for the moment. Break of 131.90 support should indicate completion of whole rebound form 123.94. Intraday bias will be turned to the downside for retesting 123.94 low. In case of another rise, we’d strong resistance from 61.8% retracement of 144.95 to 123.94 at 136.92 to limit upside. But sustained break of 135.74 will pave the way to 144.95 resistance next.
In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.
