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GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.30; (P) 138.37; (R1) 138.99; More…

The break of 137.83 resistance turned support suggests that GBP/JPY’s rebound from 133.03 might have completed with three waves up to 140.31. Intraday bias i now back on the downside for 134.40 support first. Break there will likely resume the pattern from 142.71 through 133.03 support. On the upside, though, break of 140.31 resistance will resume the rebound to retest 142.71 high instead.

In the bigger picture, rise from 123.94 is seen only as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

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