Thu, Mar 30, 2023 @ 08:09 GMT

GBP/JPY Daily Outlook

Daily Pivots: (S1) 137.67; (P) 138.19; (R1) 138.67; More

With 140.08 resistance intact, deeper decline is expected in GBP/JPY. Choppy fall from 144.77 would target medium term fibonacci level at 135.39. Overall, price action from 148.42 are seen as a consolidation pattern. We’ll look for bottoming around 135.39. Meanwhile, break of 140.08 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 122.36 medium term bottom are still seen as a corrective pattern. Main focus is on 38.2% retracement of 195.86 to 122.36 at 150.42. Rejection from there will turn the cross into medium term sideway pattern. Or, sustained break of 50% retracement of 122.36 to 148.42 at 135.39 will turn outlook bearish for a test on 122.36 low. Though, sustained break of 150.42 will extend the rebound towards 61.8% retracement of 195.86 to 122.36 at 167.78.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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