Daily Pivots: (S1) 134.80; (P) 135.36; (R1) 136.36; More…
GBP/JPY’s rebound from 131.68 finally resumes by taking out 135.91 resistance. Intraday bias is back on the upside for retesting 139.73 high. On the downside, break of 134.12 support is needed to indicate completion of the rebound. Otherwise, outlook will now stay cautiously bullish in case of retreat.
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.
