Daily Pivots: (S1) 135.44; (P) 136.00; (R1) 136.80; More…
GBP/JPY recovered to 137.00 but couldn’t sustain above 136.46 resistance and retreated. Intraday bias stays neutral first. On the upside, break of 137.00 should now indicate short term bottoming and turn bias back to the upside for stronger rebound back to retest 142.71. On the downside, break of 133.03 will resume the fall from 142.71 and target 61.8% retracement of 123.94 to 142.71 at 131.11 next.
In the bigger picture, rise from 123.94 is seen only as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). 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.
