GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.77; (P) 145.19; (R1) 145.80; More…

A temporary low is in place at 144.37 and intraday bias is turned neutral first. Further fall is expected with 146.46 minor resistance intact. Below 144.37 will target 143.18 first. Break will will resume larger decline from 156.59 and target 139.25/47 cluster support level. Nonetheless, above 146.46 will turn focus back to 148.10 resistance instead.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.