GBP/JPY Daily Outlook
Daily Pivots: (S1) 157.48; (P) 158.01; (R1) 158.51; More.....
A temporary top is in place at 158.54 in GBP/JPY and intraday bias is turned neutral first. But break of 154.67 support is needed to indicate short term topping. Otherwise, outlook will stay bullish. Above 158.54 will extend recent rally towards next key resistance level at 163.05.
In the bigger picture, the rally from 116.83 medium term bottom has just resumed and further rally should be seen back to 163.05 resistance. We'd be cautious on strong resistance from there to bring reversal. Though, break of 147.10 is needed to signal completion of the rise. Otherwise, outlook will stay bullish.