Wed, Feb 08, 2023 @ 18:10 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 138.80; (P) 140.28; (R1) 141.15; More

GBP/JPY dips notably today but stays in range of 138.53/142.79. Intraday bias remains neutral first. Overall, price actions from 148.42 are seen as a corrective pattern. Below 138.53 will bring deeper fall, possibly through 136.44 support. But strong support could be seen at 50% retracement of 122.36 to 148.42 at 135.39 to bring rebound. Above 142.79 will turn bias back to the upside for 144.77 and above.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern with a test on 122.36 low next. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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