Daily Pivots: (S1) 131.54; (P) 132.39; (R1) 132.84; More…
Intraday bias in GBP/JPY remains on the downside at this point. Fall from 139.73 should target 129.27 support. Decisive break there will confirm completion of rebound from 123.94 at 139.73. Deeper fall would be seen to retest 123.94 low. On the upside, break of 133.50 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 136.34 resistance holds.
In the bigger picture, we’re 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.
