Daily Pivots: (S1) 131.79; (P) 132.53; (R1) 133.02; More…

Intraday bias in GBP/JPY remains neutral for the moment and more consolidation could be seen. Further decline is expected and break of 131.68 will resume the decline from 139.73 for 129.27 support. Decisive break there will confirm completion of rebound from 123.94. Deeper fall would be seen to retest 123.94 low.

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In the bigger picture, we’re seeing price actions from 122.75 (2016 low) 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.

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