Daily Pivots: (S1) 130.60; (P) 131.21; (R1) 131.77; More…
GBP/JPY’s rebound and break of 132.24 resistance suggests that pull back from 135.74 is completed. And rise from 126.54 is possibly not over yet. Intraday bias is turned back to the upside for 135.74 first. On the downside, break of 130.42 will resume the fall to retest 126.54 low.
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).
