GBP/JPY drips further to as low as 123.61 so far in early US session as fall from 127.30 resumes. Focus remains on 122.63 resistance turned support. As long as this level holds, we'd continue to favor another rise to extend the rebound from 116.83. Above 125.60 will flip bias back to the upside. However, break of 112.63 support will argue that such corrective rebound is finished and should turn bias back to the downside for retesting 116.83 support instead.
In the bigger picture, while rebound from 116.83 was strong, there is no sign of reversal yet. We'd still favor more downside in medium term to extend the down trend from 2007 high of 251.09 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, outlook will remain bearish even in case of strong rebound.
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GBP/JPY Mid-Day Outlook
Published 11/09/2011, 12:19 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Mid-Day Outlook
Daily Pivots: (S1) 124.80; (P) 125.20; (R1) 125.44;
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