Daily Pivots: (S1) 151.48; (P) 152.03; (R1) 152.96; More…
Break of 152.60 resistance suggests that GBP/JPY’s rebound from 148.94 is resuming. More importantly, the break of 55 day EMA also argues that correction from 158.19 is finished after defending 148.93 support. Intraday bias is back on the upside for 154.70 resistance first. Firm break there should confirm this bullish case and target a test on 158.19 high.
In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least
