Daily Pivots: (S1) 119.66; (P) 120.58; (R1) 121.12;
GBP/JPY dips further to as low as 119.82 so far today and intraday bias remains on the downside. The break of 119.98 support confirms that whole choppy rebound from 116.83 is finished at 127.30 already. Further decline should be seen to 116.83 and below to extend the whole decline from 140.02. On the upside, above 121.75 minor resistance, though, will delay the bearish case and bring recovery first.
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.
GBP/JPY dips further to as low as 119.82 so far today and intraday bias remains on the downside. The break of 119.98 support confirms that whole choppy rebound from 116.83 is finished at 127.30 already. Further decline should be seen to 116.83 and below to extend the whole decline from 140.02. On the upside, above 121.75 minor resistance, though, will delay the bearish case and bring recovery first.
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.