GBP/JPY Daily Outlook
Daily Pivots: (S1) 192.33; (P) 192.73; (R1) 193.42;
GBP/JPY's rally extends and reaches 193.29 so far today. Intraday bias remains on the upside. Current up trend is expected to extend to 100% projection of 168.01 to 189.70 from 174.86 at 196.55 next. Near term outlook will stays bullish as long as 188.96 support holds in case of retreat. But break of 188.96 support will indicate near term topping and bring deeper pull back.
In the bigger picture, the up trend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. Medium term momentum is not too convincing with bearish divergence condition in weekly MACD. We'd be cautious on medium term topping around 200 and bring a deep correction. Meanwhile, break of 174.86 will suggest that the trend has reversed earlier than we expect.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 192.33; (P) 192.73; (R1) 193.42;
GBP/JPY's rally extends and reaches 193.29 so far today. Intraday bias remains on the upside. Current up trend is expected to extend to 100% projection of 168.01 to 189.70 from 174.86 at 196.55 next. Near term outlook will stays bullish as long as 188.96 support holds in case of retreat. But break of 188.96 support will indicate near term topping and bring deeper pull back.
In the bigger picture, the up trend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. Medium term momentum is not too convincing with bearish divergence condition in weekly MACD. We'd be cautious on medium term topping around 200 and bring a deep correction. Meanwhile, break of 174.86 will suggest that the trend has reversed earlier than we expect.