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GBPJPY Outlook

GBP/JPY Daily Outlook

Typography

Daily Pivots: (S1) 150.62; (P) 151.21; (R1) 151.91; More...

Intraday bias in GBP/JPY remains neutral at this point. As long as 146.96 support holds, near term outlook remains bullish. Break of 152.93 will resume medium term rally and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32.

In the bigger picture, medium term rebound from 122.36 is still expected to resume after consolidation from 152.82 completes. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. However, break of 46.96 support will indicate rejection from 150.43 key fibonacci level. And the three wave corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart