GBP/JPY Daily Outlook

Daily Pivots: (S1) 182.31; (P) 183.23; (R1) 183.93; More…

GBP/JPY’s fall from 186.75 is extending and further decline is expected as long as 184.39 resistance holds. Sustained trading below 55 D EMA (now at 182.44) will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 184.39 resistance will suggest that the pull back from 186.75 has completed. Intraday bias will be turned back to the upside for 185.76 resistance next.

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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