GBPJPY Outlook

Intraday bias in GBP/JPY remains neutral for the moment. Further rise is expected as long as 213.29 support holds. Above 215.50 will resume the rebound from 210.43 to retest 216.58 high. Strong resistance should be seen there to cap upside, at least on first attempt.

In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 206.56) will argue that it's already in medium term down trend for 184.35 support.

Intraday bias in GBP/JPY is turned neutral first with current retreat. Further rise is expected as long as 213.29 support holds. Above 215.50 will resume the rebound from 210.43 to retest 216.58 high. Strong resistance should be seen there to cap upside, at least on first attempt.

In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 206.56) will argue that it's already in medium term down trend for 184.35 support.

GBP/JPY's rise from 210.43 is still in progress and intraday bias stays on the upside for retesting 216.58 high. Strong resistance should be seen there to cap upside, at least on first attempt. On the downside, below 213.29 minor support will turn bias back to the downside for 211.23 support instead.

In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 206.56) will argue that it's already in medium term down trend for 184.35 support.