Daily Pivots: (S1) 140.18; (P) 140.71; (R1) 141.47; More

GBP/JPY is staying in range of 138.53/142.79 and intraday bias is turned neutral first. Break of 138.53 will extend the fall to 136.44. Overall, price actions from 148.42 are seen as a corrective pattern. Strong support could be seen at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. Above 142.79 will turn bias back to the upside.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. 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 with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

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GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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