GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.79; (P) 143.09; (R1) 143.59; More…

Intraday bias in GBP/JPY remains mildly on the downside at this point. Rebound from 139.88 should have completed at 145.67. Deeper fall would be seen to retest 139.88 low first. Break will target 139.29/47 key support zone. On the upside, above 144.20 minor resistance will turn bias back to the upside for 145.67 and possibly above.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).