Daily Pivots: (S1) 133.86; (P) 134.53; (R1) 135.78; More…

Intraday bias in GBP/JPY is turned neutral with today’s retreat. On the downside, break of 132.17 will suggest rejection by 38.2% retracement of 148.87 to 126.54 at 135.07. Intraday bias will be turned back to the downside for retesting 126.54 low. On the upside, however, sustained break of 135.07 will pave the way to 61.8% retracement at 140.33 next.

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In the bigger picture, consolidation pattern from 122.75 (2016 low) is possibly still in progress. Strong rebound from 126.54 argues that it may be the third leg of the pattern. Further rise could be seen to 148.87/156.59 resistance zone before completion. On the downside, though, sustained break of 122.75 low will extend 116.83 (2011 low).

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