Daily Pivots: (S1) 152.35; (P) 152.67; (R1) 153.16; More…
GBP/JPY’s rise from 148.43 is still in progress and intraday bias stays on the upside. Decisive break of 153.46 resistance will pave the way back to retest 156.05 high. On the downside, break of 151.55 minor support will mix up the near term outlook and turn intraday bias neutral first.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.
