Daily Pivots: (S1) 133.96; (P) 134.46; (R1) 135.03; More…

Intraday bias in GBP/JPY remains neutral for the moment. Another rise cannot be ruled out. But upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to complete the corrective rebound from 123.94. On the downside, break of 132.40 will turn intraday bias back to the downside.

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In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.

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