GBP/JPY Daily Outlook

Daily Pivots: (S1) 144.98; (P) 145.43; (R1) 145.78; More…

Intraday bias in GBP/JPY remains neutral first and more consolidative trading could be seen. With 143.72 support intact, near term outlook remains cautiously bullish. That is, rise from 131.51 is in favor to extend. On the upside, break of 147.19 resistance will target 148.98/149.48 resistance zone first. However, on the downside, decisive break of 143.72 will indicate near term reversal, after rejection by 149.48 key resistance. In that case, intraday bias will be turned to the downside for 141.00 support first.

In the bigger picture, focus is staying on 149.98 key resistance. Decisive break there should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Rise from 131.51 is then seen as the third leg of the corrective pattern from 122.36 (2016 low). GBP/JPY should then target 156.59 and above. However, rejection by 149.98 will retain medium term bearishness and could extend the fall from 156.59 through 131.51 to 122.36.

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