Daily Pivots: (S1) 136.65; (P) 137.79; (R1) 139.80; More…
Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 133.03 is extending to 100% projection of 133.03 to 137.83 from 134.40 at 139.20 first. Break will target 161.8% projection at 142.16, which is close to 142.71 high. On the downside, however, below 136.60 minor support will turn intraday bias neutral again.
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.
