Daily Pivots: (S1) 154.80; (P) 155.27; (R1) 155.91; More…
GBP/JPY rises to as high as 155.98 so far today and intraday bias stays on the upside. Decisive break of 156.05/59 key resistance zone will carry larger bullish implications. Medium term up trend from 123.94 should then target 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72. On the downside, below 154.93 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), which is still in progress. Sustained break of 156.59 (2018 high) would affirm the case of long term bullish reversal, and pave the way to 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. For now, this will be the favored case as long as 148.93 structural support holds.
