GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 141.94; (P) 143.03; (R1) 144.44; More

GBP/JPY drops sharply today but stays in range of 140.43/144.77. Intraday bias remains neutral first. Another rise is mildly in favor as long as 140.43 minor support holds. Above 144.77 will target 148.42 resistance. Break will resume whole rise from 122.46 and target 150.42 long term fibonacci level next. On the downside, however, below 140.43 minors support will turn bias to the downside to extend the pattern from 148.42 with another falling leg, possibly through 136.44.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern even. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Though, sustained break will extend the rebound towards 61.8% retracement at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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