Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 07-July-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY stays on the downside at this point. A firm break of 159.97 support will raise the chance of rejection by 167.93 long-term Fibonacci resistance. A deeper fall would be seen to 155.57 support for confirmation. On the upside, the break of 165.26 minor resistance will turn bias back to the upside for retesting the 168.67 high.

In the bigger picture, the up trend from 123.94 (2020 low) is still in progress. A sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long-term bullish signal and could pave the way back to the 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of a deep pullback.

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