Daily Pivots: (S1) 147.28; (P) 148.36; (R1) 149.06; More
Intraday bias in GBP/JPY remains on the downside for the moment. Current decline from 152.82 should target 55 day EMA (now at 146.27). Sustained trading below there will bring retest of 139.29 key support level. On the upside, break of 149.92 minor resistance is needed to indicate completion of the fall. Otherwise, deeper decline will now remain in favor.
In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.
