Daily Pivots: (S1) 143.15; (P) 143.79; (R1) 144.36; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, firm break of 144.52 will turn bias to the upside for retesting 147.95 resistance. on the downside, break of 142.80 minor support will turn bias to the downside. In this case, correction from 147.95 will extend to 38.2% retracement of 126.54 to 147.95 at 139.77.

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In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. However, sustained break of 139.31 support will dampen this case and turn medium term outlook neutral first.

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