Daily Pivots: (S1) 152.37; (P) 154.31; (R1) 155.50; More…
Deeper than expected fall in GBP/JPY dampened our original bullish view and suggests that rise from 148.93 might have completed. Intraday bias is now on the downside for 148.93 key support level. On the upside, though, break of 156.22 minor resistance will revive near term bullishness and bring retest of 158.19 high instead.
In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). The stay above 55 week EMA affirms medium term bullishness. Current rise should now target 61.8% retracement 195.86 (2015 high) to 122.75 at 167.93 next. In any case, outlook will remain bullish as long as 148.93 structural support hold, even in case of deep pull back.
