Daily Pivots: (S1) 139.56; (P) 140.01; (R1) 140.43; More…
GBP/JPY is still bounded in range below 140.70 and intraday bias remains neutral first. On the upside, break of 140.70 will resume the choppy rise from 133.03. Next target is 142.71 resistance. On the downside, break of 136.78 support will extend the pattern from 142.71 with a third leg. Deeper fall would be seen to 134.40 support next.
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.
