GBP/JPY Daily Outlook

Daily Pivots: (S1) 184.54; (P) 185.16; (R1) 186.25; More…

Intraday bias in GBP/JPY stays neutral for the moment as sideway trading continues. On the upside, above 186.04 will argue that larger up trend is ready to resume through 186.75. On the downside, however, break of 183.51 will bring deeper correction to 55 D EMA (now at 182.11).

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

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