GBP/JPY Daily Forecast

Daily Pivots: (S1) 144.01; (P) 145.47; (R1) 147.32;

GBP/JPY's rebound from 138.99 is still in progress and at this point, intraday bias remains on the upside as long as 144.54 minor support holds. The bearish case that GBP/JPY has topped out at 151.49 looks shaky considering the strength of the current rise. But after all, we're still expecting upside to be limited by below 151.49 resistance and bring fall resumption. Below 144.54 will flip intraday bias back to the downside for 138.99 support first. However, note that strong break of 151.49 will invalidate the bearish case and indicate that whole rally from 118.81 is still in progress.

In the bigger picture, rise from 118.81, which is treated as correction to medium term fall from 215.87, has likely completed at 151.49 already. Break of 135.71 support will confirm this case and bring fall to 118.81 low. Break there will confirm medium term medium term down trend resumption. On the upside, above 151.49 resistance will indicate that rise from 118.81 is indeed still in progress and another rise could then be seen to 38.2% retracement of 215.87 to 118.81 at 155.88 before completion.

Based on ActionForex.com Technical Outlook