Daily Pivots: (S1) 145.92; (P) 146.93; (R1) 147.73; More….
A temporary top is in place at 148.09 in GBP/JPY, ahead of 148.42 resistance. Intraday bias is turned neutral for consolidation. Downside of retreat should be contained by 38.2% retracement of 135.58 to 148.09 at 143.31 and bring rise resumption. Break of 148.42 will target 150.42 long term fibonacci level first. Break there will pave the way to 100% projection of 122.36 to 148.42 from 135.58 at 161.64.
In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.
