Daily Pivots: (S1) 151.27; (P) 152.07; (R1) 152.59; More…

No change in GBP/JPY’s outlook and intraday bias stays neutral first. We’re favoring that case that corrective fall from 156.05 has completed at 148.43. Break of 153.46 will resume the rise from 148.43 to retest 156.05 high. Though, break of 151.55 minor support will dampen this bullish view, and turn bias to the downside for 148.43 support.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 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, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

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