Daily Pivots: (S1) 142.90; (P) 143.53; (R1) 144.60; More
GBP/JPY surges to as high as 145.94 today and intraday bias remains on the upside. Current rise from 139.29 should target a test on 147.76/148.42 resistance zone. Decisive break there will confirm resumption of medium term rebound from 122.36. On the downside, below 144.22 minor support will turn intraday bias neutral first. Overall, for the moment, GBP/JPY is still bounded in sideway consolidation pattern from 148.42.
In the bigger picture, the sideway pattern from 148.42 is still unfolding. In case of deeper fall, we’d expect strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside. Medium term rise from 122.36 is expected to resume later. And break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. However, firm break of 135.58/39 will dampen the bullish view and turn focus back to 122.36 low.
