Daily Pivots: (S1) 129.03; (P) 129.72; (R1) 130.36; More…
GBP/JPY drops further to as low as 128.17 so far today and intraday bias remains on the downside. Current decline should target 122.36 low next. We’d be cautious on bottoming around there. On the upside, above 130.23 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited below 133.85 support turned resistance to bring fall resumption.
In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).
