GBPJPY Outlook |
Written by ActionForex.com |
Sep 19 13 03:15 GMT
GBP/JPY Daily Outlook
Daily Pivots: (S1) 157.52; (P) 157.88; (R1) 158.45; More.....
GBP/JPY's break of 158.54 suggest that recent rise has resumed and intraday bias is back on the upside. Current rally is still in progress for 163.05 key resistance level next. On the downside, break of 156.70 support is needed to signal short term topping. Otherwise, outlook will stay bullish.
In the bigger picture, the rally from 116.83 medium term bottom has just resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box