Daily Pivots: (S1) 148.67; (P) 149.40; (R1) 149.79; More…
GBP/JPY’s fall from 153.84 is still in progress and intraday bias remains on the downside for 148.47 support. Current decline is seen as as the third leg of the corrective pattern from 156.59. Break of 148.37 will pave the way to 144.97 and below. On the upside, above 150.60 resistance turned support, however, will argue that fall from 153.84 might be finished. And intraday bias will be turned back to the upside for 152.71 resistance 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.
