GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.90; (P) 145.10; (R1) 145.78; More…

Intraday bias in GBP/JPY remains on the downside as fall from 149.70 is in progress. As noted before, whole rise from 139.88 should have completed at 149.70 already. Deeper fall would be seen to 142.59 support first. Break will pave the way to retest 139.88 low. On the upside, break of 146.40 resistance is needed to indicate completion of fall from 149.70. Otherwise, near term outlook will now stay mildly bearish even in case of recovery.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.