Daily Pivots: (S1) 140.73; (P) 141.39; (R1) 142.25; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Current rally from 123.94 should target 161.8% projection of 123.94 to 135.74 from 129.27 at 148.36. On the downside, break of 138.24 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, rise from 123.94 is still seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). 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.
