GBP/JPY Daily Outlook

Daily Pivots: (S1) 168.49; (P) 169.38; (R1) 170.86; More…

Intraday bias in GBP/JPY is turned neutral with current retreat. Some consolidations would be seen but downside should be contained by 165.40 support. Break of 172.30 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51.

In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.

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