Daily Pivots: (S1) 140.44; (P) 140.75; (R1) 141.17; More…
GBP/JPY’s rise resumed after brief retreat, after drawing support from 4 hour 55 EMA. Intraday bias is back on the upside for 141.71 high. Decisive break there will resume whole rally from 123.94 for 147.95 key resistance. On the downside, break of 140.31 will suggest rejection by 141.71, and turn bias back to the downside for 136.96 support.
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.
