GBP/JPY Daily Outlook

Daily Pivots: (S1) 199.62; (P) 200.47; (R1) 201.25; More

While upside moment isn’t too unconvincing, intraday bias in GBP/JPY stays on the upside for now. Current up trend should target Next target is 61.8% projection of 191.34 to 200.72 from 197.18 at 202.97. On the downside, below 199.67 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62.

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