GBP/JPY Daily Outlook
Daily Pivots: (S1) 125.49; (P) 126.14; (R1) 126.56; More
GBP/JPY’s recovery resumes by taking out 126.97 temporary top and edges higher to 127.31 so far. With 125.26 minor support intact, such recovery could extend further. Yet, we’ll stay bearish as long as 130.83 resistance holds and expect whole decline from 140.02 to resume sooner or later. Below 125.26 minor support will flip bias back to the downside. Break of 123.39 will confirm fall resumption for 122.15 and below.
In the bigger picture, choppy fall from 163.05 is treated as second leg of the consolidation
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