Daily Pivots: (S1) 137.63; (P) 137.85; (R1) 138.21; More…
Intraday bias in GBP/JPY remains neutral for the moment. Rebound from 133.03 could have completed at 140.31 already. Break of 137.19 will target 134.40 support to confirm this bearish case. However, on the upside, break of 138.86 minor resistance will turn bias back to the upside for 140.31 instead.
In the bigger picture, rise from 123.94 is seen 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.
