Daily Pivots: (S1) 138.88; (P) 139.25; (R1) 139.63; More…
GBP/JPY’s break of 139.73 suggests resumption of whole rise from 123.94. Intraday bias stays on the upside for 100% projection of 123.94 to 135.74 from 129.27 at 141.07 next. On the downside, break of 137.84 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, rise from 123.94 is currently seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). 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.
