Daily Pivots: (S1) 146.01; (P) 146.55; (R1) 146.99; More…
GBP/JPY’s decline accelerates to as low as 144.62 so far today. The solid break of 145.82 minor support indicates completion of the rebound from 143.18. Intraday bias is turned back to the downside for 143.18 low. Firm break there will resume larger decline from 156.59 and target 139.25/47 cluster support level. On the upside, break of 146.46 minor resistance is needed to indicate completion of the fall. Otherwise, deeper decline will now be in favor in case of recovery.
In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.
