Daily Pivots: (S1) 146.62; (P) 147.25; (R1) 148.06; More….
GBP/JPY’s rally extends to as high as 147.86 so far and intraday bias remains on the upside for 148.20 resistance. As noted before, whole rally should 122.36 is resuming. Break of 148.20 will target 150.42 long term fibonacci level first. Break there will pave the way to 100% projection of 122.36 to 148.42 from 135.58 at 161.64. On the downside, below 145.64 minor support will turn bias neutral and bring consolidation before staging another rise.
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.