Daily Pivots: (S1) 133.23; (P) 133.89; (R1) 135.00; More…
GBP/JPY’s rally accelerates to as high as 136.25 so far. Break of 135.74 resistance confirms resumption of whole rise from 123.94. Intraday bias stays on the upside for 61.8% projection of 123.94 to 135.74 from 129.27 at 136.56. Break there will target 100% projection at 141.07. On the downside, below 134.37 minor support will turn intraday bias neutral first.
In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).
