Daily Forex Analysis – GBP/JPY
The GBP/JPY currency pair is currently maintaining a neutral stance in its intraday trend. Observations indicate that if there’s a decisive breach above 183.003, it can be interpreted that the retracement from 187.653 has reached its culmination. Such a movement would pivot the sentiment towards the bullish side, potentially pushing for a revisit to the pinnacle achieved in 2022. Conversely, if the currency pair slips below the 180.263 minor support level, the trend could reverse, making 178.023 a plausible next target.
Looking at the broader perspective, the dip stemming from 186.753 appears to be a mere correction. The overarching bullish trend, which was initiated from the low of 123.943 recorded in 2020, remains uninterrupted as long as the support at 176.293 stands resilient. Surpassing the 186.753 mark could set the sights on the 195.863 threshold, which marked the zenith in 2015. However, any decisive downturn breaching the 176.293 support would signify a medium-term peak, ushering in an era of extended and intensified corrections.
Analysis Summary
The GBP/JPY pair’s intraday sentiment remains neutral, with potential bullish signs if it crosses 183.003. From a macro view, the descent from 186.753 is just a corrective phase, with continued upward potential unless the 176.293 support is compromised.
Key Points
- GBP/JPY holds a neutral intraday bias, with 183.003 as a pivotal level.
- The broader view suggests the decline from 186.753 is temporary.
- The 176.293 support level is crucial for determining medium-term trends.
