Daily Pivots: (S1) 152.91; (P) 153.65; (R1) 154.21; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 154.56 temporary top. Outlook will stay bullish as long as 150.18 support holds. Above 154.56 will extend the medium term up trend to 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Break will target 100% projection at 160.49

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.

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