Daily Pivots: (S1) 135.66; (P) 136.14; (R1) 137.00; More…
GBP/JPY’s rise from 131.68 resumes after brief consolidation and intraday bias is back on the upside. Further rally would be seen to retest 139.73 high. In any case, outlook will remain cautiously bullish as long as 134.12 support holds, 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.
