GBP/JPY Daily Outlook

Daily Pivots: (S1) 150.18; (P) 151.48; (R1) 152.32; More

Intraday bias in GBP/JPY remains neutral for consolidation below 152.82. Downside of retreat should be contained above 146.57 support to bring another rally. Above 152.82 will target 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.

In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

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