Daily Pivots: (S1) 143.71; (P) 144.17; (R1) 144.54; More….

GBP/JPY continues to lose upside momentum but there is still no clear sign of topping yet. Intraday bias remains on the upside for 144.77 resistance. As noted before, consolidation pattern from 148.42 has completed at 135.58, ahead of 135.39 medium term fibonacci level. Break of 144.77 will resume the whole rebound from 122.36 through 148.42 resistance. On the downside, break of 143.13 minor support will turn bias neutral and bring consolidation before staging another rally.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

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