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GBP/JPY Daily Outlook

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Daily Pivots: (S1) 142.69; (P) 143.52; (R1) 144.86; More

The break of 143.80 minor resistance suggests that fall from 145.95 is completed at 141.58 already. Intraday bias is flipped back to the upside for 145.94 high first. Break will confirm rally resumption for 150.68 resistance next. On the downside, however, considering bearish divergence condition in 4 hours MACD and RSI, break of 141.58 support will indicate that whole rebound from 132.13 is over and will bring deeper fall to 139.36 support and below.

In the bigger picture, the break of 145.00 resistance reaffirms the case that choppy fall from 163.05 has completed with three waves down to 132.13 already. The corrective structure in turn argues that whole medium term rally from 2009 low of 118.18 is still in progress. Break of 150.68 resistance will solidify this case set the stage for another high above 163.05. On the downside, break of 139.36 support will mix up the outlook again and turn focus back to 132.13 low.

GBP/JPY 4 Hours Chart


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