Tue, Oct 26, 2021 @ 05:38 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.96; (P) 151.26; (R1) 151.69; More…

Intraday bias in GBP/JPY remains mildly on the downside for the moment. Deeper fall would be seen back to 148.43/149.16 support zone. Decisive break there will resume whole decline from 156.05 high, and carry larger bearish implications. On the upside, though, break of 152.82 will resume the rebound to 153.42 near term structural resistance.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

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