GBP/JPY Daily Outlook

Daily Pivots: (S1) 139.17; (P) 139.51; (R1) 139.89; More…

Intraday bias in GBP/JPY remains on the upside for 140.31 resistance. Break there will resume the rebound from 133.03 for retesting 142.71 resistance next. On the downside, break of 137.19 minor support will turn bias back to the downside for 134.40 support instead.

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In the bigger picture, rise from 123.94 is seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.