Daily Pivots: (S1) 121.11; (P) 121.81; (R1) 122.59;
Intraday bias in GBP/JPY remains neutral for the moment. As noted before, above 122.51 will further affirm the bullish case and sustained trading above 55 days EMA (now at 122.22), will likely send GBP/JPY through 127.30 to extend the whole rebound from 116.83. Nonetheless, break of 119.37 will extend the fall from 127.30 to retest 116.83 low instead.
In the bigger picture, there is no sign of reversal in GBP/JPY as it's still staying well below the falling 55 weeks EMA (now at 128.13). The down trend from 2007 high of 251.09 is still expected to continue to 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06, which is close to 100 psychological level. On the upside, break of 130.83 resistance is needed to be the first signal of medium term reversal. Otherwise, medium term outlook will remain bearish even in case of further rebound.
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GBP/JPY Daily Outlook
Published 12/02/2011, 05:25 AM
Updated 03/09/2019, 08:30 AM
GBP/JPY Daily Outlook
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