Daily Pivots: (S1) 150.59; (P) 150.95; (R1) 151.62; More…
GBP/JPY’s rebound from 148.94 accelerated higher today. Break of 152.35 resistance turned support argues that correction from 158.19 has completed with three waves down to 148.94, after defending 148.93 key structural support. Intraday bias is back on the upside for 154.70 resistance. Firm break there should confirm this bullish case and target 158.19 high. On the downside, below 150.98 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower.
