GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.07; (P) 142.79; (R1) 143.17; More…

GBP/JPY’s fall continues to as low as 141.05 so far and intraday bias remains on the downside. Decline from 156.59 is in progress for 139.29/47 key support level. On the upside, above 142.00 minor resistance will turn bias neutral and bring consolidation. But recovery should be limited well below 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.