Daily Pivots: (S1) 155.12; (P) 155.77; (R1) 156.69; More…
GBP/JPY rises to as high as 156.59 so far. Break of 156.07 indicates larger up trend resumption. Intraday bias is turned back to the upside. Current rally would target 100% projection of 139.29 to 152.82 from 146.96 at 160.49 next. On the downside, break of 151.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
