Detailed FX Market Outlook and Analysis

Daily Forex Analysis – GBP/JPY – 19-July-2023

GBP/JPY Daily Forex Analysis

The GBP/JPY Intraday Analysis maintains a neutral stance for now. On the downside, a plunge below 179.49 might renew the corrective phase from 183.94, targeting the 55 D EMA, currently at 177.31. Conversely, a solid break above the 184.03 peak could signal the continuation of the larger upward trend toward the 187.40 projection level.

In our Daily Forex Analysis, we foresee the upward trend from the 123.98 (2020 low) persisting as long as the 172.15 resistance-turned-support remains intact. Upon resumption, the subsequent aim is the 138.2% projection of 148.97 to 172.15 from 155.37 at 187.40, followed by the 2015 high of 195.90. Nevertheless, a decisive break below 172.15 could suggest that a larger correction is already in motion.

GBP/JPY Daily Analysis Summary

Intraday bias for GBP/JPY remains neutral, with the potential for a corrective phase towards 177.31 if 179.49 is breached. However, surpassing the 184.03 peak could signal a larger upward trend toward 187.40.

Key Points

  • Intraday bias for GBP/JPY is currently neutral; breaking 179.49 could initiate correction towards 177.31.
  • A firm break above 184.03 could resume the larger uptrend, targeting 187.40.
  • As long as 172.15 support holds, a larger uptrend from 123.98 (2020 low) is expected to continue, targeting 187.40 and then 195.90.

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