GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.79; (P) 144.12; (R1) 144.42; More…

GBP/JPY falls to as low as 143.15 so far and intraday bias remains on the downside. Decisive break of 143.18 low will resume larger decline from 156.59 and target 139.29/47 key support level next. On the upside, 144.26 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. However, sustained break of 139.29/47 will confirm medium term reversal and turn outlook bearish for 122.36 (2016 low) again.