Daily Pivots: (S1) 148.67; (P) 149.40; (R1) 149.79; More…
GBP/JPY’s fall from 153.84 extends to as low as 148.37 so far. Intraday bias remains on the downside. firm break of 148.37 support will likely resume whole decline from 156.69 and target 143.51 fibonacci level. On the upside, above 149.45 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 152.71 resistance to bring another decline.
In the bigger picture, price actions from 156.59 are viewed as a corrective pattern. For now, we’d expect at least one more fall for 38.2% retracement of 122.36 to 156.59 at 143.51 before the consolidation completed. Though, firm break of 156.59 will resume whole up trend from 122.36 (2016 low) to 50% retracement of 195.86 (2015high) to 122.36 at 159.11 next.
