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.

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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.

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