Daily Pivots: (S1) 153.98; (P) 154.61; (R1) 155.79; More…
GBP/JPY’s rally extended and met mentioned target of 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Intraday bias will remain on the upside as long as 153.10 minor support holds. Break of 155.32 will target 100% projection at 160.49. Though, break of 153.10 will indicate short term topping and bring pull back to 150.18 support.
In the bigger picture, 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 there would be prospect of retesting 122.36 in that case.
