Daily Pivots: (S1) 151.21; (P) 151.39; (R1) 151.60; More…
A temporary top is in place at 152.00 and intraday bias in GBP/JPY is turned neutral first. Further rally is expected as long as 150.36 holds. Above 152.00 will target 153.39 first. Break will resume medium term rally. On the downside, below 150.36 minor support will turn bias back to the downside and extend the correction from 153.39. But we’d look for strong support from 146.96 to bring rebound.
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.
