Daily Pivots: (S1) 131.63; (P) 132.34; (R1) 133.40; More…
Intraday bias in GBP/JPY remains on the upside at this point. Correction from 135.74 is possibly completed and from 123.94 might be resuming. Further rise would be seen to 135.74 resistance next. On the downside, though, break of 130.67 support will turn intraday bias to the downside for 61.8% retracement of 123.94 to 135.74 at 128.44.
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.
