Daily pivots: (S1) 129 90. (P) 130.49. (R1) 131 15. More
Now, we still had the war years the case to choppy recovery from 126.42 is ready on 131.98.Another case is for a subsample of 126.42. on the upside, and another raised, we would still expect strong resistance in the medium term falling trendline (now at 132.37) and bring the reversal.
In the bigger picture, with descending trend line intact, is the entire decline from 2009 high of 163.05 is still in progress if a test at 118.81 main aid intensity (low).Such a decrease is either resume long term down trend from 251.09 (2007 high) or the second leg of the consolidation pattern from 118 81.The focus will be on if the GBP/JPY would draw support from 118.81. Break of 137.75 opposition is needed to confirm the medium-term reversal. Otherwise remain outlook in GBP/JPY bearish.
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