Daily Pivots: (S1) 141.10; (P) 142.01; (R1) 142.50; More…
With 142.97 minor resistance intact, intraday bias in GBP/JPY stays on the downside for further fall. Current decline should target 139.29/47 key support zone. On the upside, above 142.97 minor resistance will turn bias neutral and bring consolidation first, before staging another decline.
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) could 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.
