Daily Pivots: (S1) 136.10; (P) 136.35; (R1) 136.54; More…
GBP/JPY’s break of 135.38 support suggests that recovery from 133.03 has completed. Corrective fall from 142.71 is possibly resume to resume. Intraday bias is turned back to the downside for 133.03 support first. Break will confirm and target 61.8% retracement of 123.94 to 142.71 at 131.11. On the upside, 136.5 minor resistance will turn bias back to the upside for 137.83 resistance instead.
In the bigger picture, rise from 123.94 is seen only 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.
