Detailed FX Market Outlook and Analysis

Daily Forex Analysis – GBP/JPY – 07-July-2023

Daily Forex Analysis

GBP/JPY Daily Forex Analysis

In today’s daily forex analysis, we shift our focus to the GBP/JPY pair, observing that the correction from the 184.01 peak appears to be ongoing. A firm breach of the 182.14 support may lead to a deeper plunge toward the 55 D EMW, which currently stands at 176.02. However, any downside should be confined above the 172.33 resistance-turned-support, laying the groundwork for a subsequent rally. An upside breach of the high of 184.01 would likely indicate the resumption of the larger upward trend.

In the grand scheme of our daily analysis, the uptrend from 123.96 (the 2020 nadir) seems to be extending. The pair’s next significant milestone is at 195.88, echoing the high of 2015. For now, even in the event of a substantial pullback, the medium-term outlook will remain bullish as long as the 172.13 resistance-turned-support holds.

GBP/JPY Daily Analysis Summary

To summarize, the GBP/JPY’s intraday outlook reveals an ongoing correction from a high of 184.01. However, the broader trend remains bullish, with potential resistance-turned-support at 172.33. The next significant milestone is expected to be 195.88, assuming the upward trend from 123.96 continues.

Key Takeaways

  • GBP/JPY’s correction from 184.01 is ongoing, with a potential deep fall towards 176.02.
  • A possible resurgence is anticipated, with a resistance-turned-support at 172.33.
  • Assuming the uptrend continues, the next milestone is 195.88, reflecting the high of 2015.

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