Daily Pivots: (S1) 143.25; (P) 144.32; (R1) 145.15; More…
Intraday bias in GBP/JPY is mildly on the upside for 148.42 resistance. Pull back from there could have completed at 142.16 already. Break of 148.42 will resume the larger rise from 122.36. Still, such rally is seen as a corrective move. Hence, we’d expect strong resistance from 150.43 long term fibonacci level to limit upside. Break of 142.16 should confirm short term topping and bring decline to 55 day EMA (now at 140.33) and below.
In the bigger picture, the down trend from 195.86 top (2015 high) should have made a medium term bottom at 122.36 after hitting 100% projection of 195.86 to 154.70 from 163.87 at 122.71. Rise from there is now expected to develop into a medium term corrective pattern. Upside should be limited by 38.2% retracement of 195.86 to 122.36 at 150.4 for setting the medium term range.
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