Daily Pivots: (S1) 141.41; (P) 142.10; (R1) 143.35; More…
GBP/JPY’s rally re-accelerates to as high as 143.17 so far. Intraday bias remains on the upside at this point. Sustained break of trend line resistance (now at 143.52) will pave the way to 148.87 key resistance next. On the downside, below 141.81 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 139.31 support holds, in case of retreat.
In the bigger picture, current rise from 126.54 is seen as the third leg of the consolidation pattern from 122.75 (2016 low). Further rally could be seen but for now, we’d expect strong resistance from 156.59 to limit upside. On the downside, sustained break of 135.74 resistance turned support will suggest that such rebound has completed. Deeper decline could the be seen to retest 126.54 low.
