Daily Pivots: (S1) 152.08; (P) 152.40; (R1) 152.94; More…
Intraday bias in GBP/JPY remains on the upside as rebound from 149.40 continues to 153.39 resistance. Break will resume medium term rally. On the downside, below 151.51 minor support will extend the corrective pattern with another fall through 149.40 before completion.
In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
