GBP/JPY Daily Outlook

Daily Pivots: (S1) 153.60; (P) 154.50; (R1) 155.27; More…

GBP/JPY formed a temporary top at 155.38 after hitting 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. Intraday bias is turned neutral. Outlook will remain bullish as long as 153.10 minor support holds. Break of 155.32 will target 100% projection at 160.49. Though, break of 153.10 will indicate short term topping and bring pull back to 150.18 support.

In the bigger picture, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And there would be prospect of retesting 122.36 in that case.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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