Daily Pivots: (S1) 143.77; (P) 144.64; (R1) 146.03; More….
GBP/JPY reaches as high as 145.58 so far as rise from 138.65 extends. Intraday bias remains on the upside for 148.09/42 resistance zone. Decisive break there will resume whole rebound from 122.36 for key fibonacci level at 150.43. On the downside, below 143.256 minor support will turn bias neutral and bring retreat before staging another rally.
In the bigger picture, price actions from 148.42 are viewed as a consolidative pattern. And medium term rally from 122.36 is expected to resume later. Decisive break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case of another fall, we’d bee looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.
