Mon, May 29, 2023 @ 22:36 GMT

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 158.25; (P) 159.79; (R1) 160.73; More…

GBP/JPY’s fall accelerates to as low as 155.57 so far, powering through 61.8% retracement of 150.95 to 168.40 at 157.61. There is no sign of bottoming and intraday bias stays on the downside for 150.95 key structural support next. For now, risk will stay on the downside as long as 161.28 resistance holds in case of recovery.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 150.95 support holds, even in case of deep pull back. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.

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