GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.05; (P) 149.50; (R1) 149.99; More…

Intraday bias in GBP/JPY is turned neutral with current recovery. On the downside, decisive break of 148.43/149.16 key support zone will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias back to the upside for 152.82 resistance instead.

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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