Daily Pivots: (S1) 151.43; (P) 151.77; (R1) 152.28; More…
GBP/JPY’s rise from 149.03 resumes by taking out 152.38. Intraday bias is back on the upside for 153.39 high first. Firm break there will resume larger up trend from 123.94. Next target is 156.69 long term resistance. For now, this will remain the favored case as long as 151.24 support holds, in case of retreat.
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.
