Daily Pivots: (S1) 139.96; (P) 140.41; (R1) 141.18; More…

A temporary low should be in place at 139.59 with the current recovery, ahead of 139.29/47 key support zone. Intraday bias in GBP/JPY is turned neutral for consolidation first. Stronger recovery could be seen through 4 hour 55 EMA (now at 141.46). But near term outlook will stay bearish as long as 143.93 resistance holds. On the downside, decisive break of 139.29/47 will carry larger bearish implications.

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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) 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.

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