GBP/JPY Daily Outlook

Daily Pivots: (S1) 183.18; (P) 183.72; (R1) 184.41; More…

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, sustained break of 184.15 resistance will argue that whole pull back from 188.63 has completed and bring further rally to retest this high. However, break of 181.73 minor support will indicate rejection by 184.15, and retain near term bearishness. Intraday bias will be back on the downside for 178.71 support instead.

In the bigger picture, price actions from 188.63 medium term top are seen as a correction to the up trend from 148.93 (2022 low) only. As long as 172.11 resistance turned support holds, larger up trend from 123.94 (2020 low) is still in favor to resume through 188.63 at a later stage.

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