Daily Pivots: (S1) 138.27; (P) 139.77; (R1) 140.76; More…

Intraday bias in GBP/JPY remains on the upside and further rise is expected. Current choppy rise from 133.03 should target a test on 141.71 high. Though, break of 136.96 will will turn near term outlook bearish for deeper fall.

In the bigger picture, rise from 123.94 is 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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