Daily Pivots: (S1) 150.22; (P) 151.13; (R1) 152.35; More....
Intraday bias in GBP/JPY remains mildly on the upside for the moment. Break of 153.01 will resume whole rebound from 147.10. But such rise is viewed as the second leg of consolidation pattern from 156.77. Thus, we'd be cautious on reversal below 156.77 as consolidation from there might extend with another falling leg. Below 148.77 will bring retest of 147.10 support.
In the bigger picture, a medium term top is in place at 156.77 on bearish divergence condition in daily MACD. Deeper pull back could be seen to 38.2% retracement of 118.82 to 156.77 at 142.27. Strong support would likely be seen at 140.37 to bring rebound, at least on first attempt. Overall, we'd still expect whole rise from 116.83 medium term bottom to resume later to 163.05 resistance and above after completing the correction.
IMOH, Clement I.
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