Daily Pivots: (S1) 150.34; (P) 151.21; (R1) 151.75; More…

Intraday bias in GBP/JPY remains neutral at this point. Consolidation from 153.39 could extend further. But outlook will stay bullish as long as 148.50 support holds. On the upside, break of 153.39 will resume the whole rise from 123.94 to 156.59 long term resistance next.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Next target is 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. On the downside, break of 142.71 resistance turned support is needed to be the first sign of completion of the rise from 123.94. Otherwise, outlook will remain bullish even in case of deep pull back.

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