Daily Pivots: (S1) 149.88; (P) 150.24; (R1) 150.71; More…
Intraday bias in GBP/JPY stays neutral and outlook is unchanged. In case of deeper fall, downside should be contained by 148.50 support to bring rebound. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next. However, firm break of 148.50 will bring deeper correction to channel support (now at 142.87).
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.
