GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.44; (P) 148.27; (R1) 148.86; More…

GBP/JPY failed to take out 149.99 resistance and retreated. Intraday bias is turned neutral first. On the downside, break of 147.63 minor support will argue that rise from 143.76 has completed. And intraday bias will be turned back to the downside for 143.18/76 support zone. On the upside, above 149.30/99 will target 153.84 resistance next.

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.