GBP/JPY Daily Outlook
Daily Pivots: (S1) 156.36; (P) 157.13; (R1) 158.48;
A temporary low is in place at 154.70 and intraday bias is turned neutral. Recovery should be limited by 166.07 resistance and bring fall resumption. Below 154.70 will target 100% projection of 188.79 to 163.96 from 175.01 at 150.18 next.
In the bigger picture, a medium term top was formed at 195.86 on bearish divergence condition in weekly MACD. Fall from 195.86 is currently viewed as a correction and would likely extend to 61.8% retracement of 116.83 to 195.86 at 147.01 before completion. On the upside, break of 175.01 resistance is needed to indicate completion of fall from 195.86. Otherwise, outlook will remain bearish in case of rebound.