[m.youssif]

Intraday bias in GBP/JPY remains on the upside with 137.95 minor support intact. Current rise should be in progress to 100% projection of 122.4 to 132.96 from 130.17 at 140.73, which is close to 140 psychological level. Break will target 161.8% projection at 147.25. On the downside, below 137.95 minor support will turn bias neutral and bring consolidations. But retreat should be contained well above 132.96 resistance turned support and bring rally 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 with 137.95 minor support intact. Current rise should be in progress to 100% projection of 122.4 to 132.96 from 130.17 at 140.73, which is close to 140 psychological level. Break will target 161.8% projection at 147.25. On the downside, below 137.95 minor support will turn bias neutral and bring consolidations. But retreat should be contained well above 132.96 resistance turned support and bring rally 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.