GBP/JPY Daily Outlook

Daily Pivots: (S1) 145.88; (P) 146.64; (R1) 147.39; More

An intraday top might be in place at 148.57 with 4 hours MACD staying below signal line. Intraday outlook remains neutral for the moment. Below 143.71 will indicate that rebound from 137.62 has completed and should bring retest of this low. Break will confirm that fall from 165.02 has resumed for 200% projection of 215.87 to 184.47 from 197.42 at 134.62 next. On the upside, though, above 148.57 will argue that consolidation from 139.02 is in probably progress and another rise could be seen to retest 165.02 before completing the consolidation.

In the bigger picture, while there are some interpretations of the structure of the whole decline from 215.87, such decline should remain in progress as long as 165.97 support turned resistance holds. Firm break of 139.02 low will confirm that whole down fall from 215.87 has resumed and towards 129.32 key long term level (95 low). However, firm break of 165.97 will argue that fall from 215.87 has completed and lengthier medium term consolidation would be seen before resuming the long term down trend.

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