GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.20; (P) 146.24; (R1) 147.44; More....
Intraday bias in GBPJPY remains neutral for the moment. A short term top is possibly in place at 147.97 and break of 144.86 minor support will confirm near term topping and bring pull back towards 139.25 support. Before that, another rally could still be seen and above 147.97 would target 150 psychological level next.
In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.