Daily Pivots: (S1) 138.56; (P) 138.96; (R1) 139.51; More…
Intraday bias in GBP/JPY remains neutral first. On the upside, break of 140.70 resistance will resume the choppy rebound from 133.03. Intraday bias will be turned to the upside for retesting 142.71 high. On the downside, break of 137.90 will revive the case that corrective rise from 133.03 has completed. Intraday bias will be turned back to the downside for 134.40 support.
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.
