GBP/JPY Daily Outlook
Daily Pivots: (S1) 140.94; (P) 141.97; (R1) 143.39; More....
The break of 142.76 minor resistance suggests that correction from 147.79 has completed at 137.87 already. Intraday bias remains on the upside and further rise would be seen to retest this 147.79 high. But as long as this resistance holds, consolidation could extend with another fall. Below 140.55 will flip bias back to the downside for 137.87 support.
In the bigger picture, medium term fall from 163.05 has completed at 116.83 already. It's a bit early to conclude reversal of the long term down trend from 251.09 (2007 high). But rise from 116.83 should at least be a move at the same degree as fall from 163.05. Thus, medium term rise is now expected back to 163.05. We'll stay bullish as long as 133.48 resistance turned support holds.