[m.youssif]

GBP/JPY's rise extends further to as high as 134.29 so far today and intraday bias remains on the upside for 135.48 key resistance next. Break there will have medium term bullish implications and should bring stronger rally. On the downside, below 132.45 minor support will turn bias neutral and bring consolidations. But near term outlook will now remain cautiously bullish as long as 130.17 support holds.

In the bigger picture, note that GBP/JPY is still limited below 55 weeks EMA and thus, fall from 163.05 is possibly still in progress. As discussed before, such decline is treated as the second leg of the consolidation pattern that started at 118.81 (2009 low). Hence, while deeper decline would be seen, strong support is expected around 118.81 low to conclude such decline and bring another medium term rise to extend the consolidation from 118.81. On the upside, break of 135.48 will in turn indicate that fall from 163.05 is completed and medium term outlook will be turned bullish for 163.05 resistance instead.

[m.youssif]

GBP/JPY's rise extends further to as high as 134.29 so far today and intraday bias remains on the upside for 135.48 key resistance next. Break there will have medium term bullish implications and should bring stronger rally. On the downside, below 132.45 minor support will turn bias neutral and bring consolidations. But near term outlook will now remain cautiously bullish as long as 130.17 support holds.

In the bigger picture, note that GBP/JPY is still limited below 55 weeks EMA and thus, fall from 163.05 is possibly still in progress. As discussed before, such decline is treated as the second leg of the consolidation pattern that started at 118.81 (2009 low). Hence, while deeper decline would be seen, strong support is expected around 118.81 low to conclude such decline and bring another medium term rise to extend the consolidation from 118.81. On the upside, break of 135.48 will in turn indicate that fall from 163.05 is completed and medium term outlook will be turned bullish for 163.05 resistance instead.