Daily Pivots: (S1) 142.23; (P) 142.74; (R1) 143.25; More…
Intraday bias in GBP/JPY remains on the downside for the moment. Whole rebound from 131.51 has completed at 148.87, ahead of 149.98 key resistance. Sustained break of 38.2% retracement of 131.51 to 148.87 at 142.23 will target 61.8% retracement at 138.14. On the upside, above 143.76 minor resistance will turn bias neutral and bring consolidation, before staging another fall.
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.
