GBP/JPY Daily Outlook

Daily Pivots: (S1) 146.00; (P) 146.34; (R1) 146.69; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Consolidation consolidation pattern from 143.18 has completed with three waves up to 149.30 already. Deeper fall should now be seen back to 143.18/76 support zone. On the upside, above 147.65 minor resistance will turn bias back to the upside for 149.30/99 resistance zone 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.