Daily Pivots: (S1) 133.99; (P) 134,57; (R1) 134.91; More
GBP/JPY rises 137.01 for the moment and at this point, intraday bias remains cautiously on the back for additional rises to 139.99 first resistance. Disadvantage, below 134.06 will be turn again neutral bias and bring more consolidations. But after all, note that with intact 132.96 support, we remain optimistic and expected rebound 122.40 resume sooner or later.
In the overview, such as that mentioned previously, turbulent 163.05 fall is considered as second part of the scheme of the consolidation has begun low 118.81 2009. This decline should have completed at 122.40. In other words, the third part of the consolidation should have started and should target 163.05 and possibly above in the medium term. We remain optimistic in the cross until 130.17 support holds. However, rupture of 130.17 will slow down this optimistic vision and perhaps give an another low below 122.40 prior to inversion.
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