GBP/JPY’s up trend continued last week and outlook is unchanged. Initial bias stays on the upside this week. Next target is 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper retreat. In the bigger picture
GBPJPY Outlook
Daily Pivots: (S1) 171.92; (P) 172.35; (R1) 172.98; More… While GBP/JPY continues to lose upside momentum,. there is no sign of topping yet. Further rally is expected with 171.26 minor support intact. Current rally should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the
Daily Pivots: (S1) 171.53; (P) 172.16; (R1) 173.10; More… No change in GBP/JPY’s outlook and further rise is expected with 171.26 minor support intact. Current rally should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside
Daily Pivots: (S1) 171.35; (P) 171.99; (R1) 172.69; More… Intraday bias in GBP/JPY stays mildly on the upside despite loss of upside momentum as seen in 4H MACD. Current rally should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn
Daily Pivots: (S1) 171.52; (P) 172.05; (R1) 172.90; More… GBP/JPY’s rally is still in progress, as part of the larger up trend, and should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.82 support should confirm short term topping, and turn bias back to the downside for deeper
Daily Pivots: (S1) 171.13; (P) 171.82; (R1) 172.39; More… Further rise is in favor in GBP/JPY for the momentum. Current rally is part of the larger up trend and should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, firm break of 167.82 support should confirm short term topping, and turn bias
GBP/JPY’s breach of 172.30 resistance last week argues that larger up trend is resuming. Initial bias is mildly on the upside this week. Next target is 100% projection of 148.93 to 172.11 from 155.33 at 178.51. For now, outlook will stay bullish as long as 167.82 support holds, in case of retreat. In the bigger