Daily Pivots: (S1) 145.29; (P) 147.19; (R1) 148.32;

GBP/JPY finally broke out of recent range and the break of 145.96 support indicates that rise from 139.26 has completed at 150.68 already. Intraday bias is flipped back to the downside for 141.99 support first. Break there will also affirm the case that whole consolidation pattern from 139.96 has completed and deeper fall should be seen to retest 139.26 low. On the upside, above 147.00 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 149.49 resistance and bring fall resumption.

In the bigger picture, medium term rebound from 118.18, which is a correction to the long term down trend from 07 high of 251.90, has completed at 163.05 already. Fall from 163.05 is expected to resume after sideway consolidation from 139.69 completes and should target a new low below 118.81. However, note that sustained break of 61.8% retracement of 163.05 to 139.26 at 153.96 will argue that fall from 163.05 has finished already and will in turn indicate that rise from 118.81 is still in progress to another high above 163.05 before conclusion.

GBP/JPY