Daily Pivots: (S1) 151.10; (P) 151.34; (R1) 151.66; More…
GBP/JPY break of 151.95 resistance suggests that correction from 153.39 has completed with three waves down to 149.03 already. Intraday bias is back on the upside for retesting 153.39 high next. Firm break there will resume larger up trend. On the downside, below 150.98 minor support will delay the bullish case and turn bias neutral again.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.
