Daily Pivots: (S1) 153.78; (P) 154.17; (R1) 154.74; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Current rally should target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection at 160.49. On the downside, below 153.08 minor support will turn intraday bias neutral again. But outlook will stay bullish as long as 150.18 support holds.
In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.
