GBP/JPY Daily Outlook

Daily Pivots: (S1) 147.11; (P) 147.69; (R1) 148.32; More…

No change in GBP/JPY’s outlook. Consolidation from 149.70 is still in progress and intraday bias stays neutral. In case of another fall, outlook will remain cautiously bullish as long as 145.67 resistance turned support holds. On the upside, above 149.70 will target 153.84/156.69 resistance zone next. However, break of 145.67 will suggest that the rebound from 139.88 has completed and turn near term outlook bearish again.

In the bigger picture, current development suggests that GBP/JPY has successfully defended 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). And, the rally from 122.36 (2016 low) is still intact. Such medium to long term rise would extend through 156.96 high. This will now be the preferred case as long as 145.67 near term support holds. However, break of 145.67 will turn focus back to 139.29/47 key support zone.