Daily Pivots: (S1) 154.29; (P) 154.56; (R1) 154.79; More…

Intraday bias in GBP/JPY remains on the upside for the moment. Current up trend should target 61.8% projection of 133.03 to 153.39 from 149.03 at 161.61 next. However, break of 153.44 support could indicate short term topping, and bring deeper correction first.

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. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. 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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