GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 184.50; (P) 185.22; (R1) 185.89; More…

Intraday bias in GBP/JPY is turned neutral first with today’s recovery. On the upside, decisive break of 186.45 will resume larger up trend to 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. On the downside, below 184.53 will bring another corrective fall to 183.23 resistance turned support, and possibly below.

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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