Sat, Oct 23, 2021 @ 01:40 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 151.43; (P) 151.82; (R1) 152.50; More…

Intraday bias in GBP?JPY stays mildly on the upside at this point. Rise from 148.93 should target 152.82 resistance first. Sustained break there will suggest that correction from 156.05 has completed, and turn near term outlook bullish for retesting this high. On the downside, break of 150.97 minor support will turn bias back to the downside for 149.03 key support 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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