GBP/JPY Daily Outlook

Daily Pivots: (S1) 156.81; (P) 158.88; (R1) 160.04; More…

Break of 158.49 minor support indicates that rebound from 155.33 has finished at 161.22, ahead of 162.32 resistance. Intraday bias is back on the downside. Whole decline from 172.11 is likely resuming and break of 155.33 will target 153.70 fibonacci level.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

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