GBP/JPY Daily Outlook

Daily Pivots: (S1) 179.09; (P) 180.32; (R1) 181.14; More…

GBP/JPY recovered after falling to 179.45 and intraday bias is turned neutral first. Further fall remains in favor, and break of 179.45 will target 55 D EMA (now at 176.65). On the upside, above 182.00 minor resistance will turn bias to the upside for retesting 183.99 high instead.

In the bigger picture, as long as 172.11 resistance turned support holds, uptrend from 123.94 (2020 low) is expected to continue. On resumption, next target is 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

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