Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…
Intraday bias in GBP/JPY is turned neutral for consolidation above 141.20 temporary low. In case of stronger recovery, upside should be limited by 143.76 support turned resistance to bring fall resumption. On the downside, break of 141.20 will resume the fall from 148.87 to 61.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low.
In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.
