Daily Pivots: (S1) 137.51; (P) 138.51; (R1) 140.06; More…
Range trading continues in GBP/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 140.70 will resume the choppy rebound from 133.03 for retesting 141.71 high. On the downside, though, break of 136.78 will turn bias to the downside for 134.40 support first.
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.
