Daily Pivots: (S1) 150.15; (P) 151.36; (R1) 152.17; More…
GBP/JPY’s break of 150.97 minor support argues that rebound from 148.93 might have completed. Intraday bias is back on the downside for 149.03 key support again. Firm break there will carry larger bearish implications. On the upside, firm break of 152.82 will suggest that correction from 156.05 has completed, and turn near term outlook bullish for retesting this high.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.
