GBP/JPY Daily Outlook

Daily Pivots: (S1) 181.81; (P) 182.38; (R1) 183.38; More…

Intraday bias in GBP/JPY stays neutral at this point. On the upside, decisive break of 183.99 high will resume larger up trend. Nevertheless, break of 180.41 will turn bias to the downside, to bring another fall to extend the corrective pattern from 183.99.

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.

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