GBP/JPY Daily Outlook

Daily Pivots: (S1) 185.26; (P) 185.72; (R1) 186.45; More

GBP/JPY’s rally from 178.32 resumed by breaking through 186.14 temporary top. Intraday bias is back on the upside for retesting 188.63 high next. On the downside, below 185.79 minor support will turn intraday bias neutral and bring consolidations first. But further rally is expected as long as 184.15 resistance turned support holds.

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. Next target will be 195.86 long term resistance.

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