Daily Pivots: (S1) 145.61; (P) 146.32; (R1) 147.24; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Sustained trading above medium term trend line resistance will pave the way to 149.58 resistance next. On the downside, break of 143.78 support will indicate short term topping. In this case, intraday bias will be flipped to the downside for 141.00 support.
In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it’s the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.48 will pave the way to 156.59 resistance and above.
