Daily Pivots: (S1) 138.43; (P) 138.96; (R1) 139.51;
Intraday bias in GBP/JPY is back on the upside with break of 139.23 temporary top. Firm break of 139.73 will resume whole rise from 123.94. Next target will be 100% projection of 123.94 to 135.74 from 129.27 at 141.07. On the downside, through, break of 137.84 support will now indicate short term topping. Intraday bias will be turned back to the downside to extend the consolidation pattern from 139.73.
In the bigger picture, rise from 123.94 is currently 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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