[m.youssif]

Intraday bias in GBP/JPY remains on the upside for 61.8% projection of 122.4 to 132.96 from 130.17 at 136.69 first. Break will target 100% projection at 140.73, which is close to 140 psychological level. On the downside, below 135.17 minor support will suggest that a temporary top is in place and bring retreat towards 4 hours 55 EMA (now at 133.58). But downside should be contained well above 130.17 support and bring rise resumption.

In the bigger picture, as noted before, choppy fall from 163.05 is treated as second leg of the consolidation pattern that started at 2009 low of 118.81. The break of medium term falling channel as well as 55 weeks EMA suggests that such decline has finished at 122.40 already. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. On the downside, below 130.17 support is needed to invalidate this view. Otherwise, we'll now stay bullish in the cross.

[m.youssif]

Intraday bias in GBP/JPY remains on the upside for 61.8% projection of 122.4 to 132.96 from 130.17 at 136.69 first. Break will target 100% projection at 140.73, which is close to 140 psychological level. On the downside, below 135.17 minor support will suggest that a temporary top is in place and bring retreat towards 4 hours 55 EMA (now at 133.58). But downside should be contained well above 130.17 support and bring rise resumption.

In the bigger picture, as noted before, choppy fall from 163.05 is treated as second leg of the consolidation pattern that started at 2009 low of 118.81. The break of medium term falling channel as well as 55 weeks EMA suggests that such decline has finished at 122.40 already. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. On the downside, below 130.17 support is needed to invalidate this view. Otherwise, we'll now stay bullish in the cross.