Daily Pivots: (S1) 154.80; (P) 155.27; (R1) 155.91; More…
GBP/JPY accelerates up to as high as 157.16 so far today. The break of 156.05/59 key resistance zone confirms resumption of medium term up trend from 123.94. Intraday bias stays on the upside for 61.8% projection of 136.96 to 156.05 from 148.93 at 160.72. On the downside, below 155.32 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). 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, even in case of deep pull back.
