Daily Pivots: (S1) 149.38; (P) 150.82; (R1) 151.92; More
GBP/JPY’s pull back from 152.82 is still in progress and deeper fall could be seen. But downside of retreat should be contained above 146.57 support to bring another rally. Above 152.82 will extend the larger rise from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.
In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.
