Daily Pivots: (S1) 139.23; (P) 139.64; (R1) 140.14; More…
Intraday bias in GPB/JPY remains neutral for the moment. On the downside, break of 136.78 will extend the pattern from 142.71 with a third leg. Deeper fall would be seen to 134.40 support next. On the upside, break of 140.70 will invalidate this view and extend the rebound from 133.03.
In the bigger picture, rise from 123.94 is 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.
