Daily Pivots: (S1) 128.52; (P) 129.88; (R1) 131.14; More…
Intraday bias in GBP/JPY remains on the downside at this point. Current fall form 147.95 should target a test on 126.54 low. On the upside, break of 134.31 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development suggests that price actions from 122.75 (2016 low) are merely a sideway consolidation pattern. Larger down trend from 195.86 (2015 high) is not completed yet. Break of 126.54 should indicate that such down trend is resuming through 122.75 low.
