Daily Pivots: (S1) 129.39; (P) 130.98; (R1) 131.79; More…
GBP/JPY’s decline accelerates to as low as 129.34 so far today. The decisive break of 131.51 support confirmed resumption of decline from 156.69. Intraday bias stays on the downside for 122.36 low next. On the upside, above 131.61 minor resistance will turn intraday bias neutral first. But recovery should be limited by 135.66 resistance to bring fall resumption.
In the bigger picture, outlook remains clearly bearish with GBP/JPY staying well below 55 week and 55 month EMA. Medium term fall from 156.59 (2018 high) is still in progress. Next target is 122.36 (2016 low). We’d be cautious on bottoming there. But break of 135.66 resistance is needed to be the first sign of reversal. Sustained break of 122.36 will target next key level at 116.83 (2011 low).
