Tue, Oct 26, 2021 @ 05:36 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.65; (P) 151.29; (R1) 151.61; More…

GBP/JPY’s fall from 152.82 resumes today by breaking 150.80 temporary low. Intraday bias is back on the downside, and deeper fall would be seen to retest 148.43/149.16 key support zone. Decisive break there will carry larger bearish implications. On the upside, above 151.90 minor resistance will turn bias back to the upside for 152.82 resistance instead.

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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