GBPJPY Outlook |
Written by ActionForex.com |
Sep 19 13 13:05 GMT
GBP/JPY Mid-Day Outlook
Daily Pivots: (S1) 157.52; (P) 157.88; (R1) 158.45; More.....
Intraday bias in GBP/JPY remains on the upside and current rally should extend to 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.
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