Daily Pivots: (S1) 150.30; (P) 151.00; (R1) 151.34; More…
Intraday bias in GBP/JPY remains on the downside for the moment. As noted before, corrective rise from 144.97 should have completed at 153.84 already. Deeper fall should be seen to 148.37 support first. Break will bring retest of 144.97 low. On the upside, above 151.68 minor resistance will turn intraday bias neutral first. But near term risk will now stay on the downside as long as 153.84 holds.
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.
