GBP/JPY Daily Outlook

GBP/JPY Daily Outlook

Daily Pivots: (S1) 156.98; (P) 158.12; (R1) 158.96; More.....

GBP/JPY failed to take out 159.52 and intraday bias is turned neutral first. Outlook is unchanged. While larger rally might extend through 159.98, we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. Below 156.63 will turn bias to the downside for 154.72 support first.

In the bigger picture, considering bearish divergence condition in daily MACD, the up trend from 116.83 might be close to completion. Break of 147.61 will confirm medium term topping and bring correction back to 140.37 support and below. In case of another rise, we'd now expect strong resistance from 163.05 to limit upside.