Daily Pivots: (S1) 140.16; (P) 141.84; (R1) 142.94; More…
GBP/JPY is staying in range of 140.43/144.77 and intraday bias remains neutral first. With 140.43 minor support intact, further rise is mildly in favor. Above 144.77 will extend the rise from 136.44 to 148.42 resistance next. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.43 minors support will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.
In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.
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