Daily Pivots: (S1) 146.73; (P) 147.06; (R1) 147.71; More…
GBP/JPY’s rally is still in progress and intraday bias remains on the upside for 147.95 structural resistance. Sustained break there will carry larger bullish implications. Rise from 123.94 should then target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next. On the downside, below 146.60 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, rise from 123.94 is seen as the third leg of the sideway pattern from 122.75 (2016 low). Break of 147.95 will target 156.59 resistance (2018 high). On the downside, break of 133.03 support is needed to confirm completion of the rise from 123.94. Otherwise, further rise will remain in favor even in case of pull back.
