Daily Pivots: (S1) 141.01; (P) 141.52; (R1) 142.29; More…
GBP/JPY’s rally is still in progress and reaches as high as 142.23 so far today. Intraday bias remains on the upside for 1442.71 high. Decisive break there will resume whole rally from 123.94 for 147.95 key resistance. On the downside, break of 140.31 support is needed to indicate short term topping. Otherwise, outlook will stay bullish 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.
