GBP/JPY Daily Outlook
Daily Pivots: (S1) 158.38; (P) 158.89; (R1) 159.82; More.....
GBP/JPY rises sharply to as high as 159.91 so far and the break of 159.52 suggests that larger up trend is resuming. Intraday bias is on the upside for 159.98 and above. Nonetheless, we'd continue to expect strong resistance below 163.05 resistance to bring larger reversal eventually. On the downside, break of 157.98 will now strongly suggest that GBP/JPY has topped out in medium term and will turn focus to 156.63 for confirmation.
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.