Daily Pivots: (S1) 140.88; (P) 141.20; (R1) 141.72; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 142.22 temporary top. Further rise is expected as long as 137.35 minor support holds. On the upside, above 142.22 will extend the rebound from 131.51 to 143.93 resistance first. Break will pave the way to 149.48 resistance next. However, break of 137.35 will suggest completion of rebound from 131.51 and bring retest of this low.

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In the bigger picture, corrective medium term rise from 122.36 (2016 low) has completed at 156.69 (2018 high) already. That came after failing to break through 55 month EMA. No change in this view. Strong rebound from 131.51 argues that fall from 156.59 is just the second leg of the corrective pattern from 122.36. Break of 149.38 resistance will confirm the third leg has started to 159.69, and possibly above. Nevertheless, break of 131.51 will pave the way to retest 122.26 low.

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