GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.18; (P) 144.96; (R1) 145.40; More…

Break of 144.37 supports indicates resumption of fall from 148.10. Intraday bias is turned to the downside for 143.18 support first. Firm break there will resume larger decline from 156.59 and target 139.25/47 cluster support level. On the upside, above 146.63 minor resistance will target 148.10 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.