Daily Pivots: (S1) 142.57; (P) 143.30; (R1) 143.76; More…

GBP/JPY’s breach of 142.81 minor support argues that rebound from 139.88 has completed at 145.67. Intraday bias is back on the downside for retesting 139.88 first. Break will target 139.29/47 key support zone. On the upside, above 144.20 minor resistance will turn bias back to the upside for 145.67 and possibly above.

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In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. Focus remains on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).


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