Daily Pivots: (S1) 144.36; (P) 144.65; (R1) 144.88; More…
Further rise is expected in GBP/JPY as long as 147.81 support holds. Current up trend from 133.03 should target 147.95 key medium term structural resistance. Sustained break there will carry larger bullish implications. On the downside, however, break of 142.81 support would now indicate short term topping, and turn bias to the downside for deeper pull back.
In the bigger picture, rise of 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.
