Daily Pivots: (S1) 141.15; (P) 141.67; (R1) 141.96; More…

GBP/JPY’s fall resumed after brief consolidations. Intraday bias is back on the downside for 1.8% retracement of 131.51 to 148.87 at 138.14 next. Sustained break there will pave the way to retest 131.51 low. On the upside, above 141.64 minor resistance will turn intraday bias again and bring consolidations, before staging another decline.

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In the bigger picture, current development suggests that GBP/JPY was rejected by 149.98 key resistance. And medium term fall from 156.59 is still in progress. Break of 131.51 will target 122.36 (2016 low). On the other hand, decisive break of 149.98 should confirm that medium term fall from 156.59 (2018 high) has completed at 131.51 already. Further rally would be seen back to 156.59 resistance and above.


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