Daily Pivots: (S1) 139.76; (P) 140.32; (R1) 140.95; More…
Intraday bias in GBP/JPY remains neutral for consolidation above 139.59 temporary low. Another rebound cannot be ruled out. But near term outlook will stay bearish as long as 143.93 resistance holds. On the downside, decisive break of 139.29/47 key support zone will carry larger bearish implications.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) could still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
