GBP/JPY Mid-Day Outlook

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

GBP/JPY’s decline accelerates to as low as 142.71 so far today. The firm break of 143.18 confirms resumption of larger decline from 156.59. Intraday bias is back on the downside for 139.29/47 key support level. On the upside, above 143.80 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited by 145.25 support turned resistance to bring fall resumption.

In the bigger picture, decline from 156.59 is seen as a corrective move. In case of deeper 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.