GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.84; (P) 146.43; (R1) 147.40; More…

The break of 146.51 minor resistance suggests that pull back from 149.30 is likely finished at 145.25 already. Intraday bias in GBP/JPY is turned back to the upside for 149.30/99 resistance zone. on the downside, below 145.25 will extend the fall from 149.30 to 143.18/76 support zone instead.

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.