Tue, May 30, 2023 @ 05:39 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 154.98; (P) 157.14; (R1) 158.68; More…

Intraday bias in GBP/JPY remains mildly on the downside for the moment. Current fall from 168.40 would target 150.95 key structural support next. For now, risk will stay on the downside as long as 159.59 support turned resistance holds in case of recovery. Nevertheless, firm break of 159.59 will turn bias back to the upside for stronger rebound.

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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