Daily Pivots: (S1) 143.92; (P) 144.57; (R1) 144.92; More
Intraday bias in GBP/JPY remains neutral with focus on 114.01 support. Break will turn bias to the downside for trend line support (now at 141.78). Further break there will target 135.58/138.65 support zone. However, above 146.77 will turn bias to the upside. Further break of 147.76/148.42 key resistance zone will resume larger rebound from 122.36. However, above 146.77 will turn bias to the upside. Further break of 147.76/148.42 key resistance zone will resume larger rebound from 122.36.
In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.
