GBP/JPY Daily Outlook

Daily Pivots: (S1) 164.36; (P) 166.24; (R1) 167.30; More…

Intraday bias in GBP/JPY remains neutral for consolidation below 168.67. Downside of retreat should be contained by 162.88 minor support to bring rebound. Break of 168.67 will resume larger up trend and target 100% projection of 150.95 to 168.40 from 155.57 at 173.02. However, break of 162.88 will bring deeper fall back towards 155.57 support.

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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