Daily Pivots: (S1) 139.47; (P) 140.07; (R1) 140.60; More…

A temporary low is in place at 139.54 with today’s recovery. Intraday bias is turned neutral first. Upside of recovery should be limited well below 143.72 support turned resistance to bring fall resumption. On the downside, break of 139.54 will resume the decline from 148.87 to retest 131.51 low.

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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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