GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.03; (P) 144.40; (R1) 145.51; More…

GBP/JPY’s rebound from 141.15 resumed after brief retreat. Intraday bias is turned back to the upside for retesting 147.95 high. On the downside, break of 142.42 minor support will turn bias to the downside for 141.15 and then 38.2% retracement of 126.54 to 147.95 at 139.77.

In the bigger picture, rise from 126.54 could either be the third leg of the consolidation pattern from 122.75 (2016 low), or the start of a new up trend. In either case, further rally is expected as long as 139.31 support holds, into 148.87/156.59 resistance zone. Reaction from there should reveal which case it should be in. Rejection from there will extend long term range trading. Decisive break of 156.69 will carry long term bullish implications.