GBP/JPY Daily Outlook

Daily Pivots: (S1) 142.81; (P) 143.51; (R1) 144.24; More…

Intraday bias in GBP/JPY remains on the downside at this point. Current fall from 149.70 is in progress for retesting 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.