Daily Pivots: (S1) 140.37; (P) 141.12; (R1) 141.76; More…

GBP/JPY is staying in consolidation from 142.71 and intraday bias remains neutral first. Near term outlook stays bullish as long as 138.24 support holds and further rise is expected. On the upside, break of 142.71 will target 161.8% projection of 123.94 to 135.74 from 129.27 at 148.36.

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In the bigger picture, rise from 123.94 is still seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

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