Daily Pivots: (S1) 133.82; (P) 134.25; (R1) 134.56; More…
Intraday bias in GBP/JPY stays on the upside for 136.64 resistance. Break there should confirm completion of pull back from 139.73. Further rise should then be seen to retest 139.73 high. On the downside, below 133.94 minor support will turn bias back to the downside for 131.68 support next.
In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.
