Wed, Feb 01, 2023 @ 19:50 GMT

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 160.83; (P) 161.32; (R1) 162.27; More…

Intraday bias in GBP/JPY is turned neutral as it failed to break through 55 day EMA (now at 162.09) again. On the downside, break of 155.33 low will resume the fall form 172.11 to 153.70 fibonacci level next. Risk will stays on the downside as long as 55 day EMA holds, even in case of another rally attempt.

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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