Daily Pivots: (S1) 150.54; (P) 150.90; (R1) 151.44; More…
GBP/JPY formed a temporary low at 149.40 and intraday bias is turned neutral first. Fall from 153.39 is seen as a correction. In case of another fall, we’d look for strong support from 146.96 to bring rebound. On the upside, above 151.85 minor resistance will indicate that the pull back is finished. And intraday bias will be turned back to the upside for 153.39.
In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
