Daily Pivots: (S1) 147.97; (P) 148.36; (R1) 149.08; More…
GBP/JPY’s rebound resumed after brief retreat and intraday bias is back on the upside Current rise should target 149.99 resistance first. Break there will add more credence to the larger bullish case and target 153.84 resistance next. On the downside, though break of 146.79 will argue that the rebound from 143.76 might be finished and turn bias back to the downside
In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
