Daily Pivots: (S1) 152.49; (P) 152.71; (R1) 153.05; More…
Intraday bias in GBP/JPY remains neutral as consolidation form 152.35 is extending. Further fall is expected as long as 154.63 resistance holds. On the downside, below 152.35 will resume the fall from 158.19 towards 148.93 key support next. On the upside, though, break of 154.63 minor resistance will turn bias back to the upside for retesting 158.19 high.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.
