Daily Pivots: (S1) 139.81; (P) 140.28; (R1) 141.20; More…
Intraday bias in GBP/JPY remains on the upside at this point. Current rise from 136.54 should target a test on 148.87 key resistance. On the downside, break of 138.58 minor support will turn intraday bias neutral again and bring consolidations, before staging another rally.
In the bigger picture, consolidation pattern from 122.75 (2016 low) is still in progress with rise from 126.54 as the third leg. Further rise should be seen back to 148.87/156.59 resistance zone. For now, we’d expect strong resistance from there to limit upside. And, this will remain the favored case as long as 130.42 support holds.
