Daily Pivots: (S1) 141.25; (P) 141.81; (R1) 142.89; More….
GBP/JPY’s fall from 148.09 resumed after brief consolidation and reaches as low as 142.44 so far. Now that 61.8% retracement of 135.58 to 148.09 at 140.35 is broken and there is no clear sign of bottoming yet. Intraday bias stays on the downside for 135.58 key support next. On the upside, break of 142.75 resistance is needed to indicate completion of fall from 148.09. Otherwise, near term outlook will say mildly bearish in case of recovery.
In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.
