Daily Pivots: (S1) 133.66; (P) 134.86; (R1) 135.91; More…
Intraday bias in GBP/JPY remains on the downside as fall from 139.73 short term top is in progress. Sustained trading below 55 day EMA (now at 134.32) will argue that whole rebound from 123.94 has completed. Fall from 139.73 should then target 129.27 support to confirm this bearish case. On the upside, though, above 136.04 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.
