GBPJPY Outlook
GBP/JPY Daily Outlook
Intraday bias in GBP/JPY remains mildly on the upside at this point. Rise from 209.55 should target a retest on 219.56 high. On the downside, below 216.20 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, strong rebound above 55 W EMA (now at 209.69) keeps the up trend from 123.94 (2020 low) intact. Firm break of 209.55 should target 100% projection of 148.93 to 208.09 from 184.35 at 243.51. However, sustained break of 55 W EMA will argue that it's already in a medium term down trend to 184.35 support.
GBP/JPY Weekly Outlook
GBP/JPY's rally continued last week and the development is inline with the case that corrective fall from 219.56 has already completed. Initial bias stays on the upside this week for retesting 219.56 high. On the downside, below 216.20 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, strong rebound above 55 W EMA (now at 209.15) keeps the up trend from 123.94 (2020 low) intact. Firm break of 209.55 should target 100% projection of 148.93 to 208.09 from 184.35 at 243.51. However, sustained break of 55 W EMA will argue that it's already in a medium term down trend to 184.35 support.
In the long term picture, up trend from 116.83 (2011 low) is in progress. Next target is 251.09 (2007 high). This will remain the favored case as long as 55 M EMA (now at 189.71) holds.
GBP/JPY Daily Outlook
GBP/JPY's rally from 209.55 resumed after brief retreat and intraday bias is back on the upside. Further rise should be seen to retest 219.56 high. On the downside, below 214.80 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, strong rebound above 55 W EMA (now at 208.91) keeps the up trend from 123.94 (2020 low) intact. Firm break of 209.55 should target 100% projection of 148.93 to 208.09 from 184.35 at 243.51. However, sustained break of 55 W EMA will argue that it's already in a medium term down trend to 184.35 support.
