GBP/JPY Daily Outlook

Daily Pivots: (S1) 202.84; (P) 203.22; (R1) 203.86; More

GBP/JPY’s rally continues today and intraday bias stays on the upside. Next target is 100% projection of 191.34 to 200.72 from 197.18 at 206.56 next. On the downside, below 202.55 minor support will turn intraday bias neutral and bring consolidations. But outlook will remain bullish as long as 200.72 resistance turned support holds, in case of retreat.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 197.18 support holds, even in case of deep pullback.

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