GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.52; (P) 145.73; (R1) 146.08; More…

Intraday bias in GBP/JPY is turned neutral with the current recovery. Focus is back on 146.51 minor resistance. Break there will argue that pull back from 149.30 has completed. And, intraday bias will be turned back to the upside for this resistance. ON the downside, below 145.25 will target 143.18/76 support zone.

In the bigger picture, decline from 156.59 is seen as 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.