GBP/JPY Daily Outlook

Daily Pivots: (S1) 190.21; (P) 190.46; (R1) 190.88; More…..

Further decline is expected in GBP/JPY with 191.65 minor resistance holds. Fall from 193.51 would target 187.94 structural support. On the upside, break of 191.65 minor resistance will turn bias back to the upside for retesting 193.51.

In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for long term resistance (2015 high). Break of 187.94 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.

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