Daily Pivots: (S1) 152.77; (P) 153.39; (R1) 153.97; More…
GBP/JPY’s fall from 156.07 is still in progress and intraday bias remains on the downside for 150.18 support. As 156.07 is seen as a short term top. Break of 15018 will target 149.96 key support level. On the upside, above 154.01 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 156.07 resistance holds.
In the bigger picture, 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 there would be prospect of retesting 122.36 in that case.
