Sat, Feb 04, 2023 @ 11:39 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 157.16; (P) 159.35; (R1) 161.34; More…

Intraday bias in GBP/JPY is turned neutral again after deep retreat from 161.51. On the downside, break of 155.33 will resume the whole decline from 172.11 to 153.70 fibonacci level. On the upside, above 161.51 will bring stronger rise through 55 day EMA (now at 162.32).

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

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