Daily Pivots: (S1) 150.52; (P) 151.73; (R1) 152.39; More…
GBP/JPY’s fall from 153.84 continues today and breach of 151.15 minor support now suggests that rebound from 144.97 has completed. Intraday bias is turned to the downside for 148.37 support first. Break will pave the way for retesting 144.97 low. On the upside, above 152.04 minor resistance will turn focus back to 153.84 instead.
In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.
