Daily Pivots: (S1) 146.28; (P) 146.92; (R1) 147.43; More…
A temporary top should be in place at 147.54 with 4 hour MACD crossed below signal line. Intraday bias in GBP/JPY is turned neutral for some consolidations first. Downside of retreat should be contained by 144.47 support to bring another rally. On the upside, sustained break of 149.75 structural resistance will carry larger bullish implications, and target 100% projection of 123.94 to 142.71 from 133.03 at 151.80 next.
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.
