Daily Pivots: (S1) 121.14; (P) 121.45; (R1) 121.86;
The break of 120.88 temporary low suggests that GBP/JPY's fall from 127.30 is resuming. Intraday bias is mildly on the downside for 119.98 support first. Break there will also confirm that whole choppy rebound from 116.83 is finished at 127.30 already. In that case, deeper fall should be seen to 116.83 and below to extend the whole fall from 140.02. On the upside, above 121.75, though, will delay the bearish case and bring another recovery to 4 hours 55 EMA (now at 122.32) and above before staging another fall.
In the bigger picture, there is no sign of reversal in GBP/JPY as it's still staying well below the falling 55 weeks EMA (now at 128.44). The down trend from 2007 high of 251.09 is still expected to continue to 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06, which is close to 100 psychological level. On the upside, break of 130.83 resistance is needed to be the first signal of medium term reversal. Otherwise, medium term outlook will remain bearish even in case of further rebound.
The break of 120.88 temporary low suggests that GBP/JPY's fall from 127.30 is resuming. Intraday bias is mildly on the downside for 119.98 support first. Break there will also confirm that whole choppy rebound from 116.83 is finished at 127.30 already. In that case, deeper fall should be seen to 116.83 and below to extend the whole fall from 140.02. On the upside, above 121.75, though, will delay the bearish case and bring another recovery to 4 hours 55 EMA (now at 122.32) and above before staging another fall.
In the bigger picture, there is no sign of reversal in GBP/JPY as it's still staying well below the falling 55 weeks EMA (now at 128.44). The down trend from 2007 high of 251.09 is still expected to continue to 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06, which is close to 100 psychological level. On the upside, break of 130.83 resistance is needed to be the first signal of medium term reversal. Otherwise, medium term outlook will remain bearish even in case of further rebound.