Daily Pivots: (S1) 142.05; (P) 142.81; (R1) 143.99; More…
Intraday bias in GBP/JPY remains on the upside. Current rise from 131.51 is in progress for 143.93 resistance. Break will pave the way back to 149.48 key resistance next. On the downside, below 140.62 minor support will turn intraday bias neutral again. But further rally is expected as long as 137.35 minor support holds.
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.
