Daily Pivots: (S1) 146.15; (P) 146.71; (R1) 147.39; More….
GBP/JPY’s rally continues to as high as 147.60 and intraday bias stays on the upside for 148.09/42 resistance zone. Decisive break there will extend whole rally from 122.36 to long term fibonacci level at 150.43 next. On the downside, break of 146.03 support is needed to indicate short term topping. Otherwise, outlook will remains bullish in case of retreat.
In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.
