GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 165.80; (P) 166.45; (R1) 167.66; More…

GBP/JPY’s break of 168.40 resistance suggests resumption of larger up trend. Sustained trading above 167.93 fibonacci level will carry larger bullish implication. Next near term target is 100% projection of 150.95 to 168.40 from 155.57 at 173.02. On the downside, below 165.26 minor support will delay the bullish case and turn intraday bias neutral first.

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 155.57 support holds, even in case of deep pull back.

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