Daily Pivots: (S1) 136.23; (P) 136.83; (R1) 137.17; More…
GBP/JPY’s break of 135.95 minor support suggests short term topping at 139.73. Intraday bias is back on the downside for 55 day EMA (now at 134.34). Firm break there will raise the chance that whole rebound from 123.94 support has completed. Deeper fall would be seen to 129.27 support to confirm On the upside, above 137.42 minor resistance will turn bias back to the upside for retesting 139.73 instead.
In the bigger picture, we’re still seeing price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. however, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.
