Daily Pivots: (S1) 149.54; (P) 150.06; (R1) 150.59; More…
Intraday bias in GBP/JPY is turned neutral as it recovered ahead of 148.94 support. On the downside, firm break of 148.94 will resume larger fall from 158.19 to 145.10 medium term fibonacci level next. For now, outlook will stay bearish as long as 152.60 resistance holds, in case of stronger recovery.
In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low). Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least
