GBP/JPY Daily Outlook

Daily Pivots: (S1) 183.84; (P) 184.29; (R1) 185.12; More…

GBP/JPY’s rally continues today and intraday bias stays on the upside. Current up trend should extend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. On the downside, below 183.44 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.

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