Daily Pivots: (S1) 141.70; (P) 141.97; (R1) 142.31; More…
Outlook in GBP/JPY is unchanged and further rise is expected with 140.31 support intact. Decisive break of 142.71 will resume whole rally from 123.94 for 147.95 key resistance. Nevertheless, break of 140.31 support will indicate short term topping and turn bias back to the downside.
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.
