Daily Pivots: (S1) 135.23; (P) 138.24; (R1) 141.20; More…
GBP/JPY’s break of 140.70 suggests resumption of whole choppy rise from 133.03. Intraday bias is back on the upside for retesting 141.71 high. For now, outlook will remain cautiously bullish as long as 136.96 support holds, in case of retreat.
In the bigger picture, rise from 123.94 is 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.
