Daily Pivots: (S1) 151.46; (P) 151.72; (R1) 151.95; More…
Breach of 152.07 suggests that GBP/JPY’s rebound from 149.40 is resuming. Intraday bias is back on the upside for 153.39 resistance. Break will resume medium term rally. In any case, further rally will remain in favor as long as 150.36 minor support holds.
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.
