Daily Pivots: (S1) 135.75; (P) 136.19; (R1) 136.53; More…
Intraday bias in GBP/JPY is turned neutral again with today’s sharp retreat. Further rise would remain in favor as long as 134.12 support holds. Break of 136.63 will target 139.73 key resistance. However, firm break of 134.12 will suggest completion of the rebound from 131.68. Intraday bias will be turned back to the downside for this support.
In the bigger picture, we’re seeing price actions from 122.75 (2016 low) 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.
