Daily Pivots: (S1) 133.50; (P) 134.12; (R1) 134.42; More…
GBP/JPY’s break of 132.40 support suggests that corrective rebound from 135.47 has completed. Intraday bias is turned back to the downside for retesting 123.94 low. Decisive break of 122.75/123.94 support zone will resume larger down trend. On the upside, in case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal.
In the bigger picture, price actions from 122.75 (2016 low) are merely a sideway consolidation pattern, which has completed at 147.96. Larger down trend from 195.86 (2015 high) as well as that from 251.09 (2007 high) are possibly resuming. Break of 122.75 should target 61.8% projection of 195.86 to 122.75 from 147.95 at 102.76 next. In any case, outlook will remain bearish as long as 147.95 resistance holds.
