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GBPJPY Outlook

GBP/JPY Daily Outlook

Typography

Daily Pivots: (S1) 145.20; (P) 145.81; (R1) 146.83; More....

Intraday bias in GBP/JPY remains on the upside for the moment. Correction from 148.42 should have completed at 135.58. And whole rally from 122.36 is likely resuming. Break of 148.42 will target 150.42 fibonacci level.. Further break there will target 100% projection of 122.36 to 148.42 from 135.58 at 161.64. On the downside, below 144.79 minor support will turn bias neutral and bring consolidation before staging another rise.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart