GBP/JPY Daily Outlook

Daily Pivots: (S1) 181.70; (P) 182.33; (R1) 183.39; More…

Intraday bias in GBP/JPY stays on the upside at this point. Current up trend is expected to target 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36 next. On the downside, however, break of 179.90 support will confirm short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.

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