GBP/JPY Daily Outlook

GBP/JPY Daily Outlook

Daily Pivots: (S1) 170.46; (P) 170.97; (R1) 171.64; More.....

With 173.12 minor resistance intact, near term outlook in GBP/JPY stays mildly bearish. The fall from 174..84 is expected to resume sooner or later. Break of 168.34 support will target 166.57 and below. However, break of 173.12 will indicate that such correction is completed already and bring retest of 174.84 high.

In the bigger picture, the up trend from 116.83 is still in progress and there is no sign of reversal yet. Break of 159.98 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish. The up trend from 116.83 should target 50% retracement retracement of 251.09 to 116.83 at 183.96 and above.