Daily Pivots: (S1) 144.60; (P) 144.97; (R1) 145.45; More….

GBP/JPY continues to lose upside momentum as seen in 4 hour MACD. But with 143.79 minor support intact, further rally is still expected. Sustained trading above 144.77 resistance will resume the whole rebound from 122.36 through 148.42 high to 150.42 fibonacci level. On the downside, though, break of 143.79 minor support will bring pull back to 4 hour 55 EMA (now at 143.18) and below, 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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GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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