GBP/JPY Daily Outlook
Daily Pivots: (S1) 156.70; (P) 157.38; (R1) 158.58; More.....
GBP/JPY rises further to as high as 158.19 so far today. The break of 156.77 resistance indicates that larger rally from 116.83 has resumed. Bias is on the upside and GBP/JPY should target next key resistance level at 163.05. On the downside, break of 154.67 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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.