Daily Pivots: (S1) 152.55; (P) 153.31; (R1) 154.66; More…
GBP/JPY recovered strongly after hitting 151.95 and intraday bias is turned neutral first. But still, as 156.07 is seen as a short term top, another fall is expected ahead. Break of 151.95 will target 150.18 support first. Break will extend the decline to 149.96 key support level. Meanwhile, above 156.07 will resume larger up trend to 167.78 fibonacci level.
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.
