Daily Pivots: (S1) 135.41; (P) 135.73; (R1) 135.97; More…

Breach of 135.17 suggests fall resumption in GBP/JPY. Intraday bias is back on the downside for 131.51 low next. On the upside, above 136.28 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 137.78 resistance holds.

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In the bigger picture, current development suggests that GBP/JPY’s medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it’s just the second leg of consolidation from 122.36. Thus, we’d expect strong support from 122.36 to contain downside to bring reversal.

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