GBP/JPY Daily Outlook

Daily Pivots: (S1) 188.99; (P) 189.36; (R1) 189.70; More

Intraday bias in GBP/JPY remains neutral as consolidations continue below 190.05. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. However, break of 187.83 will turn bias to the downside for deeper correction back to 185.21 support instead.

In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).

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