Daily Pivots: (S1) 139.60; (P) 139.88; (R1) 140.23; More.,.
Intraday bias in GBP/JPY remains neutral for consolidation below 141.28 temporary top. But another rise is in favor with 139.44 minor support intact. On the upside, break of 141.28 will extend the choppy rise from 133.03 to retest 141.71 high. However, below 139.44 minor support will be the first sign of short term topping. Intraday bias will be turned to the downside for 136.96 support instead.
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.
