Daily Pivots: (S1) 150.84; (P) 151.89; (R1) 152.55; More…
GBP/JPY lost upside momentum after breaching 152.82 resistance. But with 150.57 minor support intact, further rise is in favor. Sustained trading above 152.82 will confirm medium term rally resumption and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. On the downside, though, break of 150.57 minor support will dampen the bullish view and turn bias to the downside for 146.96 support again.
In the bigger picture, medium term rebound from 122.36 is still expected to resume after consolidation from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 46.96 support will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
