Daily Pivots: (S1) 151.21; (P) 153.37; (R1) 154.47; More…
GBP/JPY’s decline from 156.59 accelerates to as low as 151.19 so far. Brea of 151.95 support indicates short term topping. Intraday bias is back on the downside for 150.18 support first. Considering bearish divergence condition in daily MACD, break of 150.18 will suggest trend reversal and bring deeper fall through 146.96 support. On the upside, above 152.78 minor resistance will turn intraday bias neutral first.
In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. In that case, deeper fall would be seen to 38.2% retracement of 122.36 to 156.59 at 143.51 and then 61.8% retracement at 135.43.
