Daily Pivots: (S1) 138.78; (P) 139.87; (R1) 140.86; More…
GBP/JPY drops to as low as 139.59 so far and intraday bias remains on the downside for 139.29/47 key support zone. Decisive break there will carry larger bearish implication. On the upside, above 141.17 support turned resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as 143.93 resistance holds.
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.
