Daily Pivots: (S1) 134.16; (P) 134.78; (R1) 135.49; More…
Intraday bias in GBP/JPY remains on the upside at this point. Current development suggests that corrective pull back form 139.73 has completed at 1.3168. Further rise should be seen to 136.34 resistance first. Break will confirm and target 139.73 high. On the downside, break of 133.94 minor support will turn bias back to the downside for 131.68 support instead.
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.
