GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.82; (P) 147.53; (R1) 148.20; More…

Intraday bias in GBP/JPY stays mildly on the downside. The consolidation pattern from 143.18 could have completed at 149.30 already. Deeper fall would be seen back to 143.18/76 support zone first. On the upside, however, above 149.30 will bring turn bias to the upside for 149.99 resistance

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.