Daily Pivots: (S1) 151.27; (P) 152.07; (R1) 152.59; More…
GBP/JPY’s break of 151.55 minor support suggests that rebound from 148.43 has completed at 153.42, after rejection by 153.46 resistance. Intraday bias is back on the downside. Deeper fall could be seen back to retest 148.43 support. On the upside, through, break of 153.42 will resume the rebound from 148.43 to retest 156.05 high.
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.
