Daily Pivots: (S1) 153.77; (P) 154.30; (R1) 154.91; More…
Intraday bias in GBP/JPY remains on the upside and outlook is unchanged. As noted before, corrective pattern from 156.05 should have completed after defending 149.03 key support. Further rise would be seen to retest 156.05 high. On the downside, below 153.66 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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 (2018 high). Fall from 156.05 would at least be correcting the whole rise from 123.94 (2020 low). Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.
