[m.youssif]

At this point, GBP/JPY's rebound fro 132.98 is still in favor to continue and intraday bias remains cautiously on the upside for 139.99 resistance first. On the downside, below 134.06 will turn bias neutral again and bring more consolidations. But after all, note that with 132.96 support intact, we'd stay bullish and expect rebound from 122.40 to resume sooner or later.

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. Such decline should have completed at 122.40. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. We'll stay bullish in the cross as long as 130.17 support holds. However, break of 130.17 will dampen this bullish view and would possibly bring another low below 122.40 before reversal.

[m.youssif]

At this point, GBP/JPY's rebound fro 132.98 is still in favor to continue and intraday bias remains cautiously on the upside for 139.99 resistance first. On the downside, below 134.06 will turn bias neutral again and bring more consolidations. But after all, note that with 132.96 support intact, we'd stay bullish and expect rebound from 122.40 to resume sooner or later.

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. Such decline should have completed at 122.40. In other words, the third leg of the consolidation should have started and should target 163.05 and possibly above in medium term. We'll stay bullish in the cross as long as 130.17 support holds. However, break of 130.17 will dampen this bullish view and would possibly bring another low below 122.40 before reversal.