GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.76; (P) 145.75; (R1) 147.48; More…

Intraday bias in GBP/JPY remains on the upside. Current development suggests that pull back from 149.70 has completed. Further rise should be seen to retest 149.70 first. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below below 145.43 minor support will turn bias back to the downside for 142.76 again.

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.