Daily Pivots: (S1) 147.06; (P) 147.44; (R1) 148.00; More…
GBP/JPY’s rise from 142.76 is still in progress. Intraday bias remains on the upside for 149.70 resistance first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
