Home Trading GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

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Daily Pivots: (S1) 161.27; (P) 162.59; (R1) 163.63; More…

Intraday bias in GBP/JPY stays on the downside for 160.37 support. Decisive break there will argue that deeper fall is underway towards 162.67 support next. On the upside, though, break of 163.88 minor resistance will turn intraday bias neutral again first.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

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