Technical Outlook GBPJPY Outlook GBP/JPY Daily Outlook

GBP/JPY Daily Outlook

Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 178.32 is in progress for retesting 188.63 high. On the downside, break of 182.73 support is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.

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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