Daily Pivots: (S1) 134.27; (P) 135.74; (R1) 137.76; More…

Intraday bias in GBP/JPY remains neutral for consolidation above 132.57. Upside of recovery should be limited by 138.68 resistance to bring another decline. Below 132.57 will extend the fall from 147.95 to retest 126.54 low. Nevertheless, break of 138.68 will indicate short term bottoming and bring stronger rebound back to 140.92/144.95 resistance zone.

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In the bigger picture, rejection by 148.87 resistance argues that rise from 126.54 is probably just 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.

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