Daily Pivots: (S1) 131.34; (P) 131.79; (R1) 132.26; More…

GBP/JPY’s fall from 135.74 continues today and intraday bias remains on the downside. Corrective rebound from 126.54 should have completed. Deeper fall should be seen to retest this low. On the upside, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead.

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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 target 116.83 (2011 low).

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