Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 06-OCT-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY is turned neutral with the current retreat. While further rise could be seen, strong resistance might be seen from 169.10 high to limit upside, at least on the first attempt. On the downside, below 159.41 minor support will turn bias back to the downside for 148.93 again. However, a firm break of 169.10 will confirm the resumption of the larger up trend.

In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, a rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

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