GBP/JPY Daily Outlook

Daily Pivots: (S1) 136.39; (P) 136.89; (R1) 137.71; More…

Intraday bias in GBP/JPY remains on the upside at this point. Rise from 131.68 is target a test on 139.73 high. On the downside, break of 134.99 support is needed to indicate completion of the rebound from 131.68. Otherwise, further rally will remain in favor in case of retreat.

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In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. 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.