Daily Pivots: (S1) 157.24; (P) 158.10; (R1) 158.86;
Intraday bias in GBP/JPY remains neutral for some more consolidations below 159.98 temporary top. But near term outlook stays bullish as long as 156.70 support holds and further rally is still expected. Above 159.98 will extend the larger rise to 163.05 key resistance level next.
In the bigger picture, the rally from 116.83 medium term bottom has just resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.
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