Tue, Oct 26, 2021 @ 04:47 GMT

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 150.65; (P) 151.29; (R1) 151.61; More…

GBP/JPY’s decline accelerates today and intraday bias stays on the downside for 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

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