GBP/JPY intraday: as long as 129.77 is support look for 131.28
129.77 is our pivot point.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is above its 20 and 50 MAs (respectively at 129.95 and 129.25).
Alternative scenario:
the downside breakout of 129.77 would call for 129.19 and 128.85.
Our preference:
as long as 129.77 is support look for 131.28.