Daily Pivots: (S1) 135.36; (P) 135.98; (R1) 136.40;
Intraday bias in GBP/JPY remains neutral for the moment. Further fall will remain mildly in favor as long as 138.38 minor resistance holds. Sustained break of 38.2% retracement of 123.94 to 142.71 at 135.53 will suggest that whole rebound from 123.94 has completed. Deeper fall could then be seen to 61.8% retracement at 131.11 next. Though, strong rebound from current level, followed by break of 138.38 minor resistance, will turn bias back to the upside for retesting 142.71 instead.
In the bigger picture, rise from 123.94 is still 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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