Daily Pivots: (S1) 141.58; (P) 142.02; (R1) 142.76; More…
GBP/JPY rises to as high as 143.09 so far and break of 142.71 resistance suggests resumption of whole rise from 123.94. Intraday bias remains on the upside for 61.8% projection of 123.94 to 142.71 from 133.03 at 144.62 first. Break will target 147.95 medium term structural resistance. On the downside, below 142.16 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
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.
