Daily Pivots: (S1) 153.42; (P) 153.79; (R1) 154.19; More…
Intraday bias in GBP/JPY remains neutral at this point and more sideway trading could be seen. With 154.70 resistance intact, further decline remains mildly in favor. On the downside, 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.
