GBP/JPY Daily Outlook

Daily Pivots: (S1) 143.97; (P) 144.37; (R1) 144.76; More…

Intraday bias in GBP/JPY remains mildly on the upside at this point. As noted before, corrective fall from 148.42 has completed at 136.44 already. Break of 145.38 resistance will target a test on 148.42 high. Break there will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, below 140.74 will turn bias to the downside to extend the pattern from 148.42 with another falling leg.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

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