GBP/JPY Daily Outlook

Daily Pivots: (S1) 152.79; (P) 153.00; (R1) 153.29; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. Current rise from 123.94 should target 156.59 long term resistance next. On the downside, below 152.27 minor support will turn intraday bias neutral. But outlook will stay bullish as long as 148.50 support holds.

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. 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.