Daily Pivots: (S1) 143.78; (P) 145.50; (R1) 146.41;

GBP/JPY recovers mildly after hitting 144.58. While some sideway trading might be seen, another fall is still expected with 147.18 resistance intact. As noted before, consolidation from 139.69 should have completed at 150.68 already. Below 144.58 will target 141.99 support first. Break will affirm this bearish case and target 139.26 low next. On the upside, though, above 147.18 minor resistance will mix up the near term outlook and we'll stay neutral first in such case.

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 possibly resuming as consolidation pattern from 139.69 has likely finished at 150.68 already. Break of 139.26 will confirm this bearish case and target 61.8% retracement of 118.81 to 163.05 at 135.70 next. Break will further affirm the case that whole down trend from 2007 high of 251.90 is resuming for another low below 118.81. This will remain the preferred view as long as 150.68 resistance holds.

GBP/JPY