Daily Pivots: (S1) 127.58; (P) 128.45; (R1) 129.02; More…

Focus is now on 126.54 support with today’s sharp fall. Firm break there will resume larger down trend to 122.61 support next. On the upside, break of 130.69 will bring another rebound before completing consolidation from 126.54.

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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).

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