Daily Forex Analysis – GBP/JPY
The GBP/JPY pair maintains its consolidation phase above 180.78, reflecting a neutral intraday bias, as emphasized in the Daily Forex Analysis. The pair’s resistance at 183.34 remains untouched, indicating a potential continuation of the decline. If the currency pair breaks below 180.78, it is anticipated that the downfall from 186.75 will continue, aiming for the 176.29 support level next.
From a wider perspective, the Daily Analysis perceives the ongoing descent from 186.75 as a temporary correction. As long as the 176.29 support stands firm, it is presumed that the larger upward trend that began at 123.94 in 2022 is still underway. A breakthrough of 186.75 would possibly set the target at 195.86, reaching the high of 2015. However, a decisive break below 176.29 would signify a medium-term topping and might initiate extended and more profound consolidations.
This GBP/JPY Intraday Analysis thus hints at crucial potential shifts in the currency pair’s trajectory, demanding meticulous attention to market movements and strategic adjustments to navigate through the anticipated fluctuations effectively.
Analysis Summary
GBP/JPY Daily Forex Analysis projects a neutral stance above 180.78, with a potential further decline amidst intact 183.3420 resistance. The analysis interprets the current fall as a corrective phase with the possibility of a continuous uptrend, provided 176.29 support holds. A sustained break could signal prolonged consolidations.
Key Points
- GBP/JPY consolidates above 180.78, indicating a neutral Intraday Outlook.
- Further decline is expected if the 183.34 resistance remains intact.
- A decisive break of 176.29 could signal medium-term topping and extended consolidations.
