Mon, May 29, 2023 @ 21:28 GMT

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 160.93; (P) 161.35; (R1) 161.97; More…

GBP/JPY’s breach of 163.32 resistance argues that pull back from 165.99 has completed at 158.24. Intraday bias is back on the upside for 165.99. Break there will resume the whole rebound from 155.33 to 169.26 resistance. On the downside, however, break of 160.71 will mix up the outlook and turn intraday bias neutral.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

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