Daily Pivots: (S1) 139.21; (P) 139.77; (R1) 140.59; More….
With 138.30 minor support intact, further rise is still expected in GBP/JPY. Current developments argues that consolidation pattern from 148.42 is possibly completed at 135.58, just ahead of 135.39 fibonacci level. Decisive break of 140.08 resistance will affirm this case. GBP/JPY should then target a test on 148.42 key resistance level. However, break of 138.30 will turn focus back to 135.58 low instead.
In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. As long as 50% retracement of 122.36 to 148.42 at 135.39 holds, another rising leg would be seen to 38.2% retracement of 195.86 to 122.36 at 150.42 and possibly above. However, firm break of 135.39 will bring retest of 122.36, with prospect of resuming the larger down trend from 195.86.
