Daily Pivots: (S1) 148.96; (P) 149.43; (R1) 149.83; More
At this point, we’d still expect strong support from 38.2% retracement of 141.17 to 152.82 at 148.36 to contain downside and bring rebound. Above 150.22 minor resistance will turn bias to the upside for retesting 152.82 high. However, firm break of 148.45 will argue that whole rise from 139.39 is completed. In the case, deeper fall should be seen through 55 day EMA (now at 146.27)
In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.
