Daily Pivots: (S1) 143.40; (P) 143.97; (R1) 144.68; More…

GBP/JPY recovered ahead of 142.76 but upside was limited below 4 hour 55 EMA. Further decline is still expected. Sustained break of 142.76 will pave the way to 139.29/47 key support zone. On the upside, break of 145.51 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain cautiously bearish even in case of another recovery.

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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) would 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.

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