Daily Pivots: (S1) 140.28; (P) 141.19; (R1) 141.80; More…
GBP/JPY’s break of 141.17 confirms resumption of fall from 149.48. Intraday bias is back on the downside. current fall should now target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish even in case of recovery.
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.
