GBP / JPY rises further to a maximum of 121.78 today and intraday bias remains to the upside resistance of 122.76. The climb from 117.29 is probably the third leg of consolidation from 116.83 storyline. A break of 122.76 resistance would confirm the bullish case and will target a test on the resistance of 127.30. On the downside, the values ​​below the 121.04 support capovolgeranno bias in neutral and will lead to a retreat. The down side should still remain content from the support of 119.19 and lead to another uphill.

The current development suggests that consolidation from 116.83 is still in progress and the fall from 140.20, which is part of the medium-term down trend from 163.05 is not yet ready to go. While the climb from 117.29 might extend further, we can expect strong resistance from the 50% retracement of 140.02 to 116.83 at 128.42 to finish the consolidation and lead to the resumption of down trend. It will not be possible to consider the inversion of the first medium-term trading supported above the Fibonacci level of 128.42.

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