GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 211.05; (P) 211.67; (R1) 212.34; More

No change in GBP/JPY's outlook as the cross continues to struggle insideway tight range of 209.39 and 212.32. As mentioned before, failure to sustain above 213.48 key medium term resistance argues that at least a short term top is possibly in place. Below 209.39 will indicate that such decline from 213.91 has resumed for 203.96 support first. On the upside, above 212.32 will encourage a retest of 231.91 high. Nevertheless, firm break above 213.91 is needed to revive short term bullishness. Otherwise, risk remains mildly on the downside.

In the bigger picture, a medium term bottom is in place at 192.60. At this moment, there is no confirmation of completion of the rebound from there yet. Though, break of the mentioned short term trend line support will be the first signal that rally from 192.60 has finished. Further break of 199.78 support confirm such case, and focus will be back to 192.60 low. On the upside, above 213.91 will confirm the such rebound is still in progress towards 221.25 medium term support turned resistance.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box