GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.72; (P) 144.38; (R1) 144.73; More…

GBP/JPY’s fall from 149.70 is still in progress and intraday bias remains on the downside for 142.59 support. Break there will bring retest of 139.88 low. On the upside, above 145.03 will turn intraday bias neutral and bring consolidation first, before staging another decline.

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.