GBP/JPY Daily Outlook

Daily Pivots: (S1) 161.76; (P) 162.86; (R1) 163.47; More…

Intraday bias in GBP/JPY remains on the downside as fall from 169.10 accelerates lower. Break of 159.42 support will be an early sign of larger reversal, and target 155.57 support next. On the upside, though, above 162.28 minor resistance will turn bias neutral first, and extend the sideway pattern from 168.40.

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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.

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