GBP/JPY Daily Outlook

Daily Pivots: (S1) 205.28; (P) 205.98; (R1) 206.66; More

Intraday bias in GBP/JPY is turned neutral with loss of momentum as seen in 4H MACD. On the upside, sustained break of 100% projection of 191.34 to 200.72 from 197.18 at 206.56 will target 138.2% projection at 210.17. On the downside, below 204.97 minor support will turn bias to the downside for deeper pull back.

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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