Daily Pivots: (S1) 133.02; (P) 134.79; (R1) 135.77; More…

GBP/JPY’s break of 132.57 suggests resumption of whole decline from 147.95. Intraday bias is back on the downside. Current fall should target a test on 126.54 low next. On the upside, break of 137.20 resistance, however, will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Stronger rebound could then be seen to 55 day EMA (now at 140.52).

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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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