Fri, Feb 03, 2023 @ 16:38 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 157.07; (P) 162.05; (R1) 165.48; More…

Intraday bias in GBP/JPY remains on the downside for the moment. Firm break of 100% projection of 172.11 to 163.02 from 169.26 at 160.17 will target 161.8% projection at 154.55 next. On the upside, above 162.24 minor resistance will turn intraday bias neutral first.

In the bigger picture, sustained break of 55 week EMA (now at 161.26) will confirm medium term topping at 172.11, on bearish divergence condition in weekly MACD. Fall from 172.11 should be correcting whole up trend from 123.94 (2020 low). Deeper decline should be seen to 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will now remain the favored case as long as 55 day EMA (now at 166.11) holds.

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