GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.90; (P) 144.32; (R1) 144.59; More…

Intraday bias in GBP/JPY stays on the downside for 143.18 key support. Deceive break there will resume larger decline from 156.59 and target 139.29/47 key support level next. On the upside, 144.72 minor resistance will turn intraday bias neutral first. But outlook will stay mildly bearish as long as 147.13 resistance holds.

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.