GBP / JPY Daily Outlook | Forex action

Daily pivots: (S1) 132.35; (P) 132.96; (R1) 133.39; More…

Range trading continues in GBP / JPY and intraday bias remains neutral. The corrective rebound from 123.94 may not be complete. But in the event of a new rise, we would have strong resistance from the 61.8% retracement from 144.95 to 123.94 to 136.92 to limit the increase. But a sustained breakout of 135.74 will open the way for resistance of 144.95 afterwards. On the downside, a break out of 131.90 will bring the bias down to retest the lowest of 123.94.

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Overall, the price actions from 122.75 (2016 low) are just a lateral 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 aim for 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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