Daily Pivots: (S1) 132.02; (P) 133.27; (R1) 134.16; More…
Intraday bias in GBP/JPY remains on the downside as fall from 139.73 is in progress. Current development argues that whole corrective rebound from 123.94 has completed with three waves up to 139.73. Firm break of 129.27 support will confirm this bearish case. On the upside, break of 136.34 minor resistance is needed to indicate completion of the fall. Otherwise, further decline is expected in case of recovery.
In the bigger picture, we’re still seeing price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. however, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.
