Daily Pivots: (S1) 153.48; (P) 153.98; (R1) 154.85; More…
GBP/JPY’s break of 154.10 support turned resistance suggests that correction from 156.05 has completed at 151.28 already. Intraday bias is back on the upside for retesting 156.05 high. Firm break there will resume larger up trend from 123.94. Nevertheless, consolidation from 156.05 could still extend with another falling leg. Break of 153.07 minor support will turn bias back to the downside for 151.28 again.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus is now on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, break of 149.03 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.
