GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.35; (P) 143.32; (R1) 143.89; More…

GBP/JPY drops to as low as 142.33 so far today. Intraday bias remains on the downside. Current decline from 156.59 should target 139.29/47 key support level. On the upside, above 143.26 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.