Daily Pivots: (S1) 137.50; (P) 137.96; (R1) 138.88; More…
A temporary low is formed at 136.93 as GBP/JPY turns into consolidation. Intraday bias is turned neutral first. Upside of recovery should be limited by 140.92 support turned resistance to bring fall resumption. Break of 136.93 will extend the decline from 147.95 to 61.8% retracement of 126.54 to 147.95 from 134.71 next.
In the bigger picture, Rejection by 148.87 resistance argues that rise from 126.54 is probably just third third leg of the consolidation pattern from 122.75 (2016 low). Medium term outlook is turned neutral first. Break of 126.54 support would resume larger down trend from 195.86 (2015 high) through 122.75 low.
