Daily Pivots: (S1) 153.31; (P) 153.68; (R1) 154.23; More…
GBP/JPY is still bounded in range of 152.35/154.70 and Intraday bias remains neutral first. Further fall is mildly in favor and break of 152.35 will resume the decline from 158.19 to 148.93 key support next. On the upside, however, break of 154.70 will turn bias back to the upside for retesting 158.19 high instead.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Further rally is still expected as long as 148.93 support holds. However, firm break of 148.93 will argue that the medium term trend has reversed and bring deeper fall back to 142.71 resistance turned support first.
