Daily Pivots: (S1) 139.19; (P) 139.89; (R1) 141.25; More…
GBP/JPY recovered after hitting 138.53 and intraday bias is turned neutral first. Overall, price actions from 148.42 are viewed as a corrective pattern, with fall from 144.77 has a leg. On the downside, below 138.52 will target 136.44 first. Break will target 50% retracement of 122.36 to 148.42 at 135.39. But we’d expect strong support from there to bring rebound. On the upside, above 141.96 will turn bias to the upside and probably extend the rise from 136.44 through 144.77.
In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box
