Detailed FX Market Outlook and Analysis

Daily Forex Analysis – GBP/JPY – 24-July-2023

Daily Forex Analysis

GBP/JPY Daily Forex Analysis

The Daily Forex Analysis for the GBP/JPY pair indicates a persistent neutral intraday bias, with the overall outlook remaining steady. Should we see a break below 179.75, we could expect the correction from 184.20 to extend toward the 55-day EMA (currently at 178.00). However, a decisive breakthrough above the 184.29 high would reignite the broader uptrend, targeting the projection level of 187.66.

Looking at the wider picture in our Daily Analysis, as long as the support at 172.41, which was formerly resistance, remains intact, we anticipate the continuation of the uptrend from 124.24 (2020 low). Upon this uptrend resumption, the next target lies at the 138.2% projection of 149.23 to 172.41 from 155.63, which falls at 187.66, and subsequently, the 196.16 mark (2015 high). However, a convincing break below 172.41 would suggest that a more extensive correction is already in progress.

GBP/JPY Daily Analysis Summary

The GBP/JPY Daily Forex Analysis shows a neutral intraday bias. A break below 179.75 might extend the correction from 184.20 to 178.00 (55-day EMA), while a firm break above 184.29 would resume the broader uptrend, targeting 187.66.

Key Points

  • The Intraday Analysis for GBP/JPY remains neutral; a break below 179.75 could extend the correction, while a break above 184.29 could resume the uptrend.
  • The broader uptrend from 124.24 (2020 low) is expected to continue as long as the 172.41 support holds.
  • A decisive break below 172.41 might suggest a more significant correction is underway.

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