GBP / JPY Daily Outlook | Forex action

Daily pivots: (S1) 132.84; (P) 133.73; (R1) 134.39; More…

The intraday bias in GBP / JPY remains neutral and the outlook is unchanged. A further rise could still be observed, but the rise should be limited by a 61.8% retracement from 144.95 to 123.94 to 136.92 to bring about the recovery in the fall. On the downside, the breakout of the minor support at 129.85 will first bring about a new test of 123.94. However, a sustained breakout of 136.92 will increase the chances of a trend reversal and will shift the focus to a resistance of 144.95.

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Overall, current developments suggest that price actions from 122.75 (2016 low) are just a sideways consolidation pattern, which ended at 147.96. A larger downward trend from 195.86 (2015 high) than 251.09 (2007 high) could resume. The breakout of 122.75 should target a 61.8% projection from 195.86 to 122.75 against 147.95 to 102.76. In all cases, the outlook will remain bearish as long as the resistance at 147.95 is maintained.


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