GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.07; (P) 138.98; (R1) 140.87; More

Intraday outlook in GBP/JPY remains on the downside with 141.62 minor resistance intact. Further decline is still expected to 200% projection of 215.87 to 184.47 from 197.42 at 134.62 next. On the upside, above 141.62 will turn intraday outlook neutral first but recovery should be limited below 148.57 resistance and bring fall resumption.

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. Sustained trading below 139.02 low will confirm that whole down fall from 215.87 has resumed and towards 129.32 key long term level (95 low). On the upside, above 148.57 resistance will argue that consolidation from 139.02 is still in progress and another rise could be seen before completion. Though, medium term outlook will remain bearish as long as 165.02 resistance holds.

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