GBP/JPY Daily Outlook
Daily Pivots: (S1) 158.54; (P) 159.03; (R1) 159.78;
No change in the GBP/JPY's outlook. Further rise to 159.98 cannot be ruled out yet. But we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually. On the downside, below 157.06 minor support will turn bias back to the downside for 154.72 support.
In the bigger picture, considering bearish divergence condition in the daily MACD, the up trend from 116.83 might be close to completion. Break of 147.61 will confirm medium term topping and bring correction back to 140.37 support and below. In case of another rise, we'd now expect strong resistance from 163.05 to limit upside.
GBP/JPY Hourly Chart" title="GBP/JPY Hourly Chart" width="600" height="600">
GBP/JPY Daily Chart" title="GBP/JPY Daily Chart" width="600" height="600">