Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 03-April-2023

GBP/JPY Daily Analysis

The current intraday bias in GBP/JPY is neutral. If the price breaks above 165.99, the rebound from 155.33 to 169.26 resistance will resume. On the other hand, if the price breaks below 162.95 minor support, the outlook will be mixed and the intraday bias will turn to the downside for 158.24 support.

Looking at the bigger picture, as long as the 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 remains intact, the medium-term bullish trend will continue. This means that the larger uptrend from 123.94 (2020 low) is still in progress, and a break of the 172.11 high is expected at a later stage to resume such an uptrend.

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