Daily Pivots: (S1) 134.90; (P) 135.71; (R1) 137.20; More…
GBP/JPY’s rally is still in progress and met 61.8% projection of 123.94 to 135.74 from 129.27 at 136.56 already. There is no sign of topping yet. Intraday bias stays on the upside for 100% projection at 141.07. On the downside, below 135.99 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).
